How I navigate Obamacare at my veterinary hospital
While the Affordable Care Act was supposed to help ease the pain of rising healthcare costs, for small businesses (i.e. most veterinary practices), the law requiring some practices to provide health insurance is a tough one. Can you afford to offer healthcare benefits to team members? Or would it be better to pay the penalty for not offering healthcare? (Editor's note: Before everything changes, here are the laws of the land today.)
Right now, Senate Republicans are crafting new legislation behind closed doors that will affect our attempts to both do right by our employees and do right by the law. No matter which way healthcare laws go in this country, here's how I navigate tough benefit decisions:
1. Get expert help
Deciding on benefits doesn’t have to be a solo project. I seek counsel from an insurance broker when making decisions and when trying to understand what changes are coming. Our insurance broker knows the providers and can bundle our benefits together—dental, vision and life insurance—to help save money.
2. See which benefits are used
In my practice group, we look at the data to see which benefits were used the most, how many staff members took advantage of prescription medication coverage and how many visited the emergency room. These statistics can help you plan for the upcoming year.
3. Educate your team about benefits
Once you've selected your health insurance company and plan, it's time to educate your employees on their benefits. If you don't tell eligible employees what's covered and how to use their plan, you'll be paying for a service no one uses.
Show employees how the plan is organized. Educate them on how to prepare for major procedures, how to take advantage of urgent care facilities versus emergency rooms and how to ask about generic options for prescriptions, co-pays and deductibles. Make sure your team members know how to find in-network providers.
Your team education on the front end can help everyone in the system on the back end manage the ever-rising costs of healthcare.
Does education sound like a pain? Your broker should be there to assist you during the entire process. He or she can help answer employee questions and offer assistance with understanding medical bills, managing payments and financial planning for procedures.
With so many unknown changes on the healthcare industry horizon, it can be a big relief—and a big selling point when hiring and keeping great talent—for employees to know that they and their families can be insured through your veterinary practice.
Do you have more questions about current healthcare legislation and how it affects the veterinary practice? Email us at [email protected] and we'll consider questions for experts to answer here on dvm360.com.