With just a little over two months left of 2013, it is key that Chicago manufacturers start taking an active role in strategizing for healthcare reform. Healthcare reform could be one of the biggest impact on manufacturers in the past decade. How do they keep cost low while attracting good talent?
There are several ways that some manufacturers can take, right now, to help stabilize their costs going into 2014. It is unfortunate that many are sitting on the sidelines waiting for things to pass or ‘the dust to settle’. This could leave the business, along with all the employees, in the dust.
There can be many reasons why they have not made any moves yet. It could be because they are working with an insurance agent that is not much help at all. Some insurance agents are just now learning the ins and outs of healthcare reform. It could be too late for them. Where does that leave the company looking for advice?
The strategies for manufacturers can vary from company to company. There are too many variables to make a blanket strategy. Here are some of the ways someone can prepare:
- Do a healthcare compliant review. Are you compliant?
- Compare your healthcare compliant plan with other insurance companies to see how you stand.
- Look at Define Contribution approach to healthcare coverage for the company.
- Work with an insurance agent to review tax credits that may be available to the company.
- Find a new insurance agent to keep you up to speed on good strategies for your company.
A manufacturer may use any or all of these methods. The point is that your company needs to take action on at least one of these items to maintain momentum going into healthcare reform. Manufacturers that remain stagnant through the process will end up spending thousands, and tens of thousands in some cases, of dollars as a result. This will cause the company to cut cost and lose very valuable employees. In a tough economy and a competitive market, this will definitely leave you in the dust.
All of this does not mean you have to become a healthcare reform expert. It means you will have control of your costs, have a plan, and move ahead with great talent and a productive team. A productive team will lead the company to deeper profits. Deeper profits means more market share and control for future growth of the company.