The COVID-19 pandemic profoundly altered the healthcare industry, forcing our federal and state governments, healthcare insurers, and healthcare providers to react quickly and decisively. While the health and well-being of their employees are of top concern, organizations across our economy face tough operational decisions due to the financial impact of COVID-19. Those organizations with self-funded health plans can expect to see costs rise significantly through 2021 due to the global pandemic. Despite these rising costs, there are several strategies organizations should consider as they seek to position both their employees and organizations to emerge from COVID-19 strong and thriving. Earlier this week, the Association for Corporate Growth shared some of these strategies.
This installment of our FORWARD communication series focuses on the population health aspect of employer-sponsored health plans. This article dives into new requirements and opportunities such as expanded coverage with no cost-sharing requirements, lifted restrictions for high deductible health plan (HDHP) and Health Savings Account (HSA) funds, and the acceleration of telehealth and other virtual care delivery models. Regardless of the ownership structure, organizations that understand the current and potential future impacts of rising healthcare costs and begin preparing now will position themselves for recovery post-COVID-19.