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Healthcare firms can save time and money while providing a better benefits experience to their highly valuable staff by using solutions that automate nearly every aspect of benefits administration and delivery.
FREMONT, CA: Providing cost-effective benefits is vital in any sector, but healthcare companies face a unique set of obstacles. Not only has the COVID-19 epidemic had a significant impact on healthcare businesses, but they must also attract and retain healthcare personnel while providing comprehensive benefits to suit changing employee expectations.
Here are three benefits challenges in healthcare:
Rising Demand for Mental Health Services
Healthcare is, without a doubt, one of the most stressful jobs. Doctors had the greatest suicide rate of any profession before the COVID-19 pandemic, owing to depression and other mental health difficulties. Unfortunately, stress, burnout, and depression have become even more common due to COVID-19's impact on emergency room and critical care employees.
Employers in the healthcare industry, like those in other businesses, must provide benefits that address the mental health requirements of their employees. In addition to traditional delivery modalities, expanding telemedicine and EAP programs will be crucial in providing mental health assistance.
Support for Furloughed and Laid-off Employees
Although many hospitals have rushed to hire more nurses, lab technicians, and emergency room personnel to care for COVID-19 patients, many have also had to suspend or lay off workers who conducted elective operations and other services that were postponed during the epidemic.
Increasing Cost of Benefits
Employers in the healthcare industry who are already constrained by budget and other resources will need to develop innovative ways to provide employee benefits while simultaneously controlling costs. For example, healthcare businesses may eliminate costly errors and keep carrier billing and payroll deductions aligned with employee benefits elections by automating operations like open enrollment and monthly carrier bill reconciliation.