Healthcare costs are rising, transparency is improving, and Centers of Excellence (COEs) are emerging as a beacon of quality and cost control. Here’s what benefits professionals and HR managers need to know from the latest EBN webinar.
The recent EBN webinar, featuring Dr. Kumar and Jarrett Michau from World Class Health, explored the critical challenges and opportunities facing modern healthcare benefits. With rising costs, the growing importance of transparency, and the role of Centers of Excellence (COEs), the discussion provided key insights into how organizations can transform their health plans to benefit both employers and employees.
Read on for a detailed recap of the discussion, including actionable strategies shared during the webinar.
One of the biggest challenges facing employers today is the lack of transparency in healthcare pricing and outcomes. According to a poll conducted during the webinar, 89% of participants said they do not have sufficient information to make informed decisions on cost and quality within their health plans.
Dr. Kumar outlined some critical issues caused by poor transparency:
There’s good news, though. The U.S. healthcare system is moving toward better price transparency, driven by new legislation for hospitals and insurers to disclose pricing details. However, implementation has been challenging, with early efforts suffering from poor standardization and inconsistent reporting.
Dr. Kumar emphasized that while transparency is improving, there’s still work to be done. “The world is moving toward more transparency,” he explained. “And that’s where COEs come into play as a solution.”
Centers of Excellence (COEs) have gained traction as a strategy to improve healthcare outcomes while reducing costs. These programs focus on developing curated networks of high-quality providers that deliver better care at predictable, bundled rates.
During the webinar, 63% of participants said they are currently using or planning to adopt a COE program, underscoring the growing interest in this approach.
Jarrett Michau broke down the three pillars of COE success:
To illustrate the impact, case studies from the webinar showcased impressive results. One technology company saved $15 million annually on healthcare spend by introducing a COE program, while also improving patient outcomes and sharing $3.5 million in savings with employees.
Adopting a COE program is only the first step. Ensuring employees use these services is critical to realizing the benefits. Both Dr. Kumar and Jarrett highlighted strategies for driving COE utilization:
While COEs deliver measurable cost reductions, they also enhance the employee experience. Dr. Kumar noted that navigating the traditional healthcare system can be frustrating due to delays, lack of guidance, and confusion over bills. COEs, on the other hand, streamline the process by offering concierge-level navigation and support.
Additionally, COE care is associated with improved health outcomes, including significantly lower readmission rates. This combination of financial benefits, reduced stress, and better care makes COEs a true win-win for employers and employees alike.
The EBN webinar delivered several clear takeaways for HR managers and benefits professionals looking to maximize the value of their health plans:
Now is the time to rethink your healthcare benefits strategy. With rising costs and increasing demands for transparency, implementing solutions like Centers of Excellence can help your organization stay ahead.
Looking to build or optimize a COE program for your employees? Reach out to learn how World Class Health can support your goals with best-in-class networks and guaranteed savings.