Boosting benefits and morale: Modern enrollment for your practice

Small to medium-sized businesses (SMBs) are the backbone of the U.S. economy, creating 63% of net jobs in recent years, and they are the largest source of employment, accounting for 46%of the total workforce. This makes SMBs a crucial driver of revenue and economic stability. Despite their significance, many feel neglected by major benefits administration service providers, who often focus on larger corporations. This neglect results in SMBs facing significant challenges in managing their benefits programs effectively.

These challenges are incredibly impactful among smaller private practices that provide essential care to communities nationwide, often focusing on personalized attention and long-term patient relationships. Running a successful practice goes beyond patient care and requires attracting and retaining a talented team of health care professionals. Competitive benefits are vital to achieving this, but the administrative burden of benefits enrollment can be a headache when handling the nuances of these SMBs. Ensuring that care teams—the very people who provide care to others—are well-supported with easily accessible health employer coverage is crucial for the overall health and success of the practice.

The Problem: Frustration all-around

The traditional benefits enrollment process is rife with inefficiencies. Studies show that 39% of employers are dissatisfied with their carriers, highlighting challenges in communication and service. Then administrative tasks drain resources, become cumbersome, and are prone to human error. The process can be equally frustrating on the employee side, with 40% finding open enrollment intimidating and struggling to navigate complex forms and understand plan options. This lack of clarity makes employees unsure about their benefits, potentially missing out on valuable coverage.

The toll: These frustrations have a ripple effect. Disengaged employees are less productive and more likely to leave for positions with better benefits. For practices, this translates to higher turnover costs and wasted resources spent on recruiting, screening, and training replacements.

The solution: Technology

Modern benefits administration technology empowers physician-owned practices to streamline enrollment, making it easier for employers and employees. Additionally, these practices can access advanced benefits administration platforms by leveraging association health plans and multi-employer trusts. This collective buying power allows them to implement solutions that typically cater to larger organizations.

Simplified enrollment: Fully integrated, end-to-end enrollment platforms automate tasks, allowing employees to easily choose plans and update information through a cloud-based system accessible from any device. This streamlines the process, reducing errors and saving time and money for employers and employees. Employers can facilitate a user-friendly experience by automating repetitive tasks, reducing administrative burdens and frustration. Employees can easily choose benefits, while employers benefit from a smooth billing system, freeing up valuable time for everyone involved.

Benefits administration technology can also increase employee enrollment rates by simplifying the process and making it more user-friendly. This ensures employees have the coverage they need and reduces the risk of out-of-pocket expenses for unforeseen circumstances.

Improved user experience: Modern benefits administration solutions prioritize the user experience. Intuitive interfaces and personalized dashboards make it easy for employees to take charge of their benefits, giving them the ability to upload required documents, understand each option, and make informed decisions. Preferred channel access allows for enrollment and communication on platforms employees already use, such as mobile apps, further increasing engagement. This is especially important for attracting and retaining younger, digitally-native generations like Gen Z, who expect an easy-to-navigate digital experience.

Reduced manual work: Physician-owned practices often lack comprehensive HR teams. Benefits administration technology removes the burden of tedious manual tasks like data entry and eligibility verification. This frees up valuable time for practice administrators and allows them to focus on core business operations.

Enhanced efficiency: With more automation, physicians and staff can ditch the time-consuming tasks of managing benefits and dedicate that energy to patient care. Finally, employees will benefit from a clear understanding of their options thanks to a user-friendly enrollment process.

By implementing innovative solutions, physician-owned practices can free their team to focus on what matters most - delivering exceptional patient care while establishing themselves as a leading organization to work for. With the help of comprehensive tech support, these small practices can invest in their people, streamline administrative tasks, and achieve sustainable growth in a competitive environment.

Marc Palmer is the chief commercial officer for Vimly.