Employee Benefit And Healthcare Administration Outsourcing For Small And Medium Enterprises (SMEs)
As the nation continues to grapple with the ever-changing state of the pandemic and new waves of diseases like dengue and monkeypox, healthcare is of utmost importance to many. Employees want to feel supported when they are not at their best. This is where SMEs can step in.
According to the Singapore Department of Statistics (DOS) 2021 report, SMEs make up 99% of enterprises and employed about 70% of Singapore’s labour force. Looking ahead, major paradigm shifts are taking place on a global scale and SMEs are not immune to disruption. As global disruption continues to redefine the business landscape, SMEs must adapt and innovate to withstand these challenges.
However, this will rely heavily on employees’ innovation and the development of their capabilities. To achieve this, SMEs must do more to attract and retain talents to stay ahead of the curve while staying lean at the same time. One way to do this is to offer enticing employee health benefits.
Allocating Employee Benefit Plan
In a tough business environment, SMEs must focus on their employee benefits to attract talents while retaining existing staff for their contributions. A 2022 poll commissioned by Prudential Singapore showed that 6 in 10 employees are more willing to join an SME that provides medical benefits while 4 in 10 employees are more likely to stay in a company that provides the same benefits.
The purpose of creating attractive employee benefits on top of their remuneration package serves not only to engage and motivate but also to create a working culture that defines the value of SMEs. People have become more aware of health due to the pandemic and value support and investments in their wellbeing. Hence, companies with employee benefit plans will be able to present themselves as a more attractive option to potential hires and differentiate themselves from their competitors.
Alliance Medinet provides corporate healthcare solutions and third-party administration to over 3000 corporate clients and is trusted by top health insurance companies. Medinet uses a FOCUS framework to ensure that companies get the most medical benefits for every health dollar invested. Under the FOCUS framework, employees can personalise their annual total employee benefits and coverage, including medical benefits. FOCUS also automatically tabulates medical utilisation patterns, consolidate disease trends with classification, and analyse medical expenditure. With this, you can take steps toward improving your employee’s health and strengthening your medical benefit administration in the long run.
Reduce the Weight on Your Shoulders by Outsourcing
Medical claims and medical business administration may be a complicated and long-drawn process. SMEs may find themselves in a tight spot when non-core business activities such as medical claims administration overwhelm the administrator with extra work while expanding core business. Such a situation will be disadvantageous to both the company and its employees.
Fortunately, this issue can be overcome by a business outsourcing strategy where a third-party administrator can help to alleviate constraints and reorganise work processes. Outsourcing non-core business activities can help to increase productivity by saving costs and reducing manpower.
Medinet streamlines your business process by providing flexible benefits enrolment and claims administration in one portal to reduce the workload for your administrative staff. Medinet’s mobile app, Alliance iCare, enables employees to view their medical benefits and submit claims on a fully integrated HR and employee medical benefit platform for easy access and greater convenience. With everything available on a single platform, Medinet makes it easy for HR staff to manage claims and other information and increase productivity in healthcare management.
Having The Best of Both Worlds
Embarking on a corporate healthcare programme is a viable option for SMEs as it offers many benefits and convenience to employees when it comes to medical treatment and outpatient care. Employees can gain access to medical clinics nationwide while allowing SMEs to monitor their healthcare budget closely. The proven cost-saving measures in treatment will help SMEs stretch their healthcare dollars that will improve employees’ well-being and morale. In the meantime, the workload will be significantly reduced, which will yield extra time for the core business. It is the best-of-both-worlds solution to tackle industrial disruption and talent crunch.
With over 25 years of experience in managing GP clinics, you can rest assured that Medinet’s services will provide your employees with quality and efficient care. Medinet also adopts a cost-containment model to ensure that our partners get the best out of their health dollars and have the support they need to thrive. To achieve optimal medical benefits for your employees and ease of corporate healthcare management – Medinet is your solution.