Employers should be concerned with Medication AdherenceJeremy
Employers should be concerned with Medication Adherence.
Medication Adherence for employees helps employers control Medical Costs.
We review a lot of statistics. We attempt to be very accurate in reporting these to you. After all, we are talking about your health… and the cost of your employees health. The NCPA reported on the nature of these costs in 2014. You know it’s not pretty. There is something that you can do to start the needle moving in your favor.
The issues are so huge and every issue surrounding this subject has a price attached. The only way to get a grasp on it is to discuss it in terms of percentages.
- Total Healthcare costs in the U.S. in 2014: $2.91 TRILLION
- Healthcare as a percentage of Gross National Product (GNP) in 2015: 20%
- The single largest item to control healthcare costs: Medication Adherence.
- Medication NON Adherence is a huge factor in employee absenteeism.
Now that the ACA (we all call it Obamacare, don’t we?) is on its way to being fully implemented by the end of 2015, employers are charged with carrying a huge amount of the expense of the plan. Small businesses are hit hardest because they don’t have large gross margins large reserves. 82% of employers identify this as the largest impediment to growth.
The Bureau of Labor Statistics reports that covering the cost of this Medical Premium consists of about 8.5% of an employee’s total compensation. The CBO estimates $5,800 in 2016. The average cost of a family plan was over $16,000 for a family of four in 2013. These costs are predicted to increase by 7% year after year.
In 2014 employers experienced an increase of 11-16%. Individuals experienced about a 12% increase. That varies from state to state.
What doesn’t vary state to state is that you, as an employer, are having to foot the bill. By 2016 you will have to fully carry the Medical Premium load, under Obamacare, for your employees. I suggest that you do what you can to control some of these costs. When looking for what to prioritize, keep this in mind: If all U.S. residents were fully Medication Adherent it would save our country well over $300 BILION a year. That amounts to 13% of total healthcare costs. Now consider this: No matter how many employees you have, you can affect a savings by having a Medication Adherence program as part of your company’s health program.