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It’s easy to go with the same providers you’ve used forever, but it can be bad for your budget. Everything from health insurance to disability insurance should be given a cost benefit analysis before every contract renewal.
A good rule of thumb is to contact at least three companies for quotes - but you can’t go wrong with the notion, “The more the merrier.”
Google can come to the rescue here as well. You know what the percentage of benefits should be, but is that specific to healthcare? Are other companies on average paying more or less than you? If they’re paying more - are they offering more? All of this information and more can be found by simply asking the internet. You can then use the information to your budgeting advantage.
Excel at Relocation
Maximizing your relocation budget is one of the easiest things you can do to optimize your benefits package and your budget.
If only a relocation company could do all the work for you AND save you money. Sound like a fairytale? It’s reality! It takes a ton of manpower to relocate an employee - and manpower means money.
It’s typically cheaper in the long run to outsource relocation to the professionals. Find a relocation company that offers a technology-based solution with an easy to use interface, that vets suppliers and gives your candidate options. Make sure they provide excellent support to ensure a great employee experience, as well.
Using these tips in your budgeting process can help you optimize your budget, while providing the best benefits to your healthcare employees.