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At a time of significant rate hikes and financial pressures, large employers, which account for more than $800 billion in healthcare expenditures, are driving the future of the health benefits market, a new study shows.
“Large employers—those with more than 10,000 employees—are often innovators when it comes to benefit offerings, shaping the trends that are later adopted by small and medium-size employers,” reads a recent report from McKinsey & Co. titled Transforming employer health benefits: Large employers’ activist role.
“Every year, large employers submit about 300 requests for proposal to health insurance carriers, according to our research,” it continues. “They also account for $16 billion-$24 billion in potential revenue for healthcare partners, including health insurance plans, healthcare professionals and other healthcare companies.”
Today’s market forces are creating a paradigm shift in how employers deliver health benefits. Companies want to provide best-in-class benefits offerings for their employees to attract, care for and retain top talent. The report also highlights the connection between employee health and economic productivity, as well as the value at stake if employee health is poor.
See also: It’s time for HR to get more from the health insurance industry
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