Digital Health Benefits Save Money and Improve Talent Retention
With a workforce of over 50 million, higher insurance and healthcare costs, and a decaying and overwhelmed government health infrastructure, Mexican companies and employers have taken a more active role in designing and subscribing healthcare services that are both cost-effective and valuable to employees while at the same time remaining competitive.
From incentivized wellness programs to expanded health coverage offerings, a new wave of trends in employee healthcare benefits is gaining strength and becoming the new normal. The healthcare industry is moving away from a traditional model and toward a more digital one. Whether you're in the doctor's office or at home, your healthcare is leaving behind the traditional delivery system.
An Important Part of Image and Culture
Companies have started to invest in health benefits for their employees as a way to attract and retain talent. According to the World Economic Forum, companies that offer wellness programs report an average of 15% higher productivity and 89% less absenteeism from employees.
Many companies are starting to invest in their employees' health and wellness with innovative new services and programs. This has been a hot topic in the news lately, due to the importance the industry has gained. With the new healthtech models, employers can now offer all their workers health and wellness benefits beyond traditional insurance and healthcare coverage that normally were offered to high-level employees only.
The trend is not surprising: everyone wants to be healthy, but they don't want to spend hours researching how to become a better version of themselves. This makes digital healthcare services an attractive option for companies that want to offer their employees access to wellness programs without having to invest in staffing or infrastructure.
With the advent of digital healthcare services, companies can provide their employees with more than just basic coverage. They can offer additional services like telemedicine, which allows employees to connect with doctors via video chat at any time of the day or night for convenient access to healthcare services.
If you're a business owner or an HR manager, you probably know that offering your employees health insurance is a smart move. If you're trying to attract and retain talented workers, health is one of the first things you should consider adding to your list of employee benefits. But what if you're worried that offering them will make your employees less likely to work hard? Or more importantly, what if you don't have the capital to start offering these benefits right away?
The healthtech entrepreneurs say, stop worrying! There are plenty of ways for small businesses — even those with no capital — to start offering health and wellness to their employees. Combined with small, tailored insurance plans, reimbursement plans and access to in personal or hybrid medical services, healthtech companies are filling the gaps in the ecosystem by offering new services and new ways to deliver healthcare in a more efficient and cost-effective way.
A Win-Win for Both Companies and Employees
The benefits of digital healthcare don't just extend to employees. By using digital tools instead of paying for expensive office space for doctors' offices or other traditional forms of care, companies can save money on overhead costs associated with traditional healthcare services while still providing excellent services for employees and attracting top talent in the process.
Healthtech services are also offering companies a new way to connect with their employees and provide them with better access to healthcare services. Employees can now easily schedule appointments with their providers, receive medical advice from their doctors online, and even receive prescriptions through digital platforms that allow them to pick up their medications at their convenience. The ability to manage these processes online saves time for both employers and employees, allowing them more time for work or family.
Companies can also enjoy financial perks by offering better access to healthcare. In Mexico, if a company offers a range of health services like access to healthcare, mental health, life insurance and other wellness programs and insurances, these can be considered as a social security expense. The investment in their employee’s health has a tax deduction benefit that companies can also use to their favor.
Why Offer Health Benefits to Employees?
There are a number of reasons, but the first one is that it's the right thing to do. Employees deserve access to quality care, and a company that offers health coverage to its employees is acting ethically and responsibly. Second, it saves money for both the company and the employee and thus they are also contributing to the employee’s financial stability. Third, when companies offer health coverage as part of their compensation packages, they're able to attract and retain better employees who will be more productive at work. Finally, offering health benefits shows that a company cares about its employees' well-being and their families.
Many businesses have turned to offering health as a benefit for their employees to help them meet their needs and provide them with adequate care. Additionally, this has proven to be an effective recruitment and retention tool. When companies offer these benefits, they can attract top talent from across industries and keep them interested in working at their company.
Employee Loyalty and Longevity
Digital health is reshaping the insurance and employee benefits industry. As we mentioned above, the most successful companies are using digital healthcare to improve productivity, save costs, and retain employees. But it is important that management and high-level employees communicate and help all employees to use these digital medical services. The global company Mercer, specialized in employee benefits, found that 63% of workers feel more confident in digital health tools when their employer promotes or sponsors them.
Employees are the most valuable assets in a company, and they deserve the best treatment you can provide. Not only does this improve employee retention rates and morale, but it also has a positive impact on productivity levels and overall company performance. When you offer health benefits as part of their employee package, it helps them feel more secure about their future and ensures that they will stay with your company long term. This creates a mutual bond and when employees have trust in their employers, in turn, they contribute more in order to maintain that relationship.
When employees are happier and more satisfied with the companies they work for, they are less likely to experience burnout, increasing the retention rates among companies. Wellness benefits like assistance programs, and flexible scheduling can help employees achieve a better work-life balance, which is also an important factor in employee retention.
In a time where there is so much competition between companies and so much demand for employment, providing healthcare services is now a must, and it also makes all the difference to someone choosing where to work.
The future of healthcare is digital, and it's changing the way companies offer benefits for their employees. Digital health services, such as telemedicine, mobile apps, wellness programs, micro-insurance, fitness trackers, and wearable tech, can help companies to maintain themselves at a higher level and even become a great place to work.
Our mission as healthtech entrepreneurs is to rethink health through the lens of our unique business models and keep improving access and high-quality medical care for all sectors and industries. If you're looking for an easy way to boost morale, reduce turnover rates and increase productivity at your company — all while saving money — then offering digital healthcare services is one of your best options.