Healthcare Challenges, Strategy, Opportunities and Execution Summary

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April 11, 2021
Healthcare Challenges, Strategy, Opportunities, and Execution
The provision of healthcare for one's employees is crucial for acquiring, retaining, and improving one's work pool. However, many challenges make the acquisition and provision of good healthcare benefits, mainly because of the current circumstances that cause an increase in healthcare costs. Notably, these challenges are; (1) increase in the number of illnesses, (2) aging employee population, (3) reduction in healthcare staff, and (4) focus on volume rather than the quality of care.
Accordingly, one of the challenges that the company might face in its aim to provide affordable and holistic healthcare to its employees is cost. Since the healthcare industry is being overwhelmed with various illnesses every year, the demand for healthcare services increases while its supply decreases. Subsequently, this also increases the insurance premiums for coverage that would cost the company a lot when taken collectively.
Another HR challenge that businesses face in the provision of healthcare is the aging population of employees. It is common knowledge in the insurance industry that insurance coverages for elderly individuals would be more expensive than young employees. This is due to the number of risk factors that increase elderly individuals' susceptibility to diseases.
Third, the reduction in healthcare staff throughout the country is another reason for increased insurance premiums for one's employees. Due to the COVID-19 pandemic, most healthcare personnel are either overwhelmed in their work. Some were afflicted with the disease or have quit, due to the sudden increase in their workload. In turn, this increases the costs for insurance covera...