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Helping Employers and Employees Save Money in a
Recession

corporate healthcare savings

Whatever you believe about COVID-19, it’s clear that we’re
likely headed for a nasty recession. Hence, how can we help
employers reduce their outlays when their bottom line is awash in
red ink? One way to do that is to tackle the high cost and
ineffectiveness of orthopedic care.

Recession Planning

At the height of the great recession of 2008, we had 2.2 million
excess unemployed. As of last week, we had 30 million with many
believing that by the end of this week we could see 40 million.
Hence, it’s clear that most companies will be hit one way or the
other by this COVID-19 caused economic downturn. So how can we help
companies make all of that red ink look better?

The Huge Corporate Cost of Healthcare

When manufacturing a new car, GM spends more on healthcare than
it does on steel. Let that sink in for a second, because as a
company, it’s not alone. Many companies have as their single
biggest line-item cost the amount they spend on health
insurance.

To bend that cost curve down, many employers have become
“self-funded”. This means that they don’t pay a big insurance
company for an insurance plan, instead, they pay their own
healthcare bills out of the company and then also pay an
administrator for the use of a provider network and contracts.

Bending the Cost of Orthopedic Care

Orthopedic care is hugely expensive. It’s usually the single
biggest cost in that monthly health care bill. The problem is that
much of it doesn’t work well or doesn’t have research to show
it works. Take
for example the most common elective orthopedic surgery in America,
which is an arthroscopic partial meniscectomy
. That procedure
has been shown in multiple randomized controlled trials to be
ineffective, yet it’s still routinely done in every hospital in
the country. If you’re an employer with a self-funded health
plan, you get to write the check for that ineffective surgery.
That’s where Regenexx comes in.

Jason Hellickson on Regenexx

Jason Hellickson is a former insurance executive who saw that
Regenexx could save self-funded plans big money after he decided to
skip orthopedic surgery and get a Regenexx procedure himself. He
tells his story here on the
“Reconstructing healthcare” podcast.


Regenexx Corporate Program

Jason helped build the Regenexx Corporate Program that allows
self-funded plans to offer less invasive interventional
orthobiologics to their employees. So instead of that meniscus
surgery, the patient can opt to get an injection of their own
platelets or stem cells and have that covered through their health
plan. That can save the employee a surgery that we know doesn’t
work and the employer can save up to 50{5912a45c745f63b4e1319b77c6fdb181e25bf63cf770b3223e3f1fdb974c7356} or more. To date, Regenexx
has signed on companies with coverage of more than 7 million
employees. We expect our ability to bring new companies on to our
corporate program will accelerate during the pandemic, as these
companies struggle to improve profits.

The upshot? COVID-19 will take a big bite out of corporate
budgets this year. While you can’t change the price of steel if
you’re GM, you can reduce your healthcare costs to improve your
bottom line. One way to do that is to push down the cost of
orthopedic care. On that front, we’ve got you covered at
Regenexx!

The post
Helping Employers and Employees Save Money in a Recession

appeared first on Regenexx.

corporate healthcare savings

corporate healthcare savings

Whatever you believe about COVID-19, it’s clear that we’re
likely headed for a nasty recession. Hence, how can we help
employers reduce their outlays when their bottom line is awash in
red ink? One way to do that is to tackle the high cost and
ineffectiveness of orthopedic care.

Recession Planning

At the height of the great recession of 2008, we had 2.2 million
excess unemployed. As of last week, we had 30 million with many
believing that by the end of this week we could see 40 million.
Hence, it’s clear that most companies will be hit one way or the
other by this COVID-19 caused economic downturn. So how can we help
companies make all of that red ink look better?

The Huge Corporate Cost of Healthcare

When manufacturing a new car, GM spends more on healthcare than
it does on steel. Let that sink in for a second, because as a
company, it’s not alone. Many companies have as their single
biggest line-item cost the amount they spend on health
insurance.

To bend that cost curve down, many employers have become
“self-funded”. This means that they don’t pay a big insurance
company for an insurance plan, instead, they pay their own
healthcare bills out of the company and then also pay an
administrator for the use of a provider network and contracts.

Bending the Cost of Orthopedic Care

Orthopedic care is hugely expensive. It’s usually the single
biggest cost in that monthly health care bill. The problem is that
much of it doesn’t work well or doesn’t have research to show
it works. Take
for example the most common elective orthopedic surgery in America,
which is an arthroscopic partial meniscectomy
. That procedure
has been shown in multiple randomized controlled trials to be
ineffective, yet it’s still routinely done in every hospital in
the country. If you’re an employer with a self-funded health
plan, you get to write the check for that ineffective surgery.
That’s where Regenexx comes in.

Jason Hellickson on Regenexx

Jason Hellickson is a former insurance executive who saw that
Regenexx could save self-funded plans big money after he decided to
skip orthopedic surgery and get a Regenexx procedure himself. He
tells his story here on the
“Reconstructing healthcare” podcast.


Regenexx Corporate Program

Jason helped build the Regenexx Corporate Program that allows
self-funded plans to offer less invasive interventional
orthobiologics to their employees. So instead of that meniscus
surgery, the patient can opt to get an injection of their own
platelets or stem cells and have that covered through their health
plan. That can save the employee a surgery that we know doesn’t
work and the employer can save up to 50{5912a45c745f63b4e1319b77c6fdb181e25bf63cf770b3223e3f1fdb974c7356} or more. To date, Regenexx
has signed on companies with coverage of more than 7 million
employees. We expect our ability to bring new companies on to our
corporate program will accelerate during the pandemic, as these
companies struggle to improve profits.

The upshot? COVID-19 will take a big bite out of corporate
budgets this year. While you can’t change the price of steel if
you’re GM, you can reduce your healthcare costs to improve your
bottom line. One way to do that is to push down the cost of
orthopedic care. On that front, we’ve got you covered at
Regenexx!

The post
Helping Employers and Employees Save Money in a Recession

appeared first on Regenexx.

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