Advancing technology in thehealth care industry is making it easier to prevent, diagnose, andtreat ailments and illnesses, and that can mean big savings foryour business.

There are many savings opportunities hiding in your benefitsplan, but you can only unlock them if you're working with anadvisor who knows what to look for. Status-quo benefits plans aredesigned to offer patients health care options that get brokers andinsurance companies paid more, but they do so by providing youremployees with inferior health care at a greater cost to you.Making the most out of your plan's cost-cutting potential requiresa bit of creative thinking and strategizing with your advisor, butthe results are worth it.

Related: Creative plan design: Overcoming theobstacles

Here are a few innovative ways you can save money on yourbenefits plan without sacrificing quality:

1. Explore high-tech options

Don't assume that a health care tool or treatment is moreexpensive just because it seems futuristic. Advancing technology inthe health care industry is making it easier to prevent, diagnose,and treat ailments and illnesses, and that can mean big savings foryour business. Perhaps the fastest growing trend in high-techhealth care benefits is the use of telemedicine, which enablespatients to receive medical consultations over the phone or a videoconference (and has the potential to save U.S. employers up to$6 billion a year, according to a Towers Watsonstudy).

But your company's wellness program can also use technology tohelp your employees keep track of their own health. Simplyencouraging or incentivizing the use of health-based apps can helpyour employees make more informed lifestyle choices, potentiallyreducing doctor's visits associated with smoking habits (which cancost employers up to $50 billion annually, according to UPMC), poordiet, and lack of exercise.

2. Implement a wellness program

The numbers support the mantra that prevention really is thebest medicine. A 2012 Gallup study revealed that employees withhigher-ranked "well-being" had 41 and 62 percent lower health carecosts than those who were "struggling" or "suffering,"respectively. And if you want your employees spending less time atthe doctor's office or recovering from surgery, a company-widewellness program can pay off for you, too.

While preventative care can't eliminate all doctor's visits,providing incentives for your employees to make better choices fortheir health can reduce trips to the hospital, sick days, and lostproductivity. In fact, a study published in the Journal of Health Affairs found that businessessaved an average of $3.27 in health care costs per dollar investedin wellness programs.

3. Offer the option of a health savings account

Health savings accounts, or HSAs, are becoming an increasinglypopular way for employees to gain more control over their healthcare while reducing costs for employers. A 2011 study by Employee and Account Holdersurveys revealed how employees' health care habits changed whenthey started contributing their own income toward an HSA:

• 28 percent opted for lower-priced prescription drugs
• 54 percent set aside more money for health care coverage thanbefore they had an HSA
• 18 percent made healthier lifestyle choices
• 31 percent planned their health care better throughout theyear

The more informed choices that employees make when theycontribute to an HSA mean that they'll be more careful not onlywith their money, but also yours.

By offering options like better technology, wellness programs,and HSAs, your benefits plan can provide your employees with greathealth care without unnecessary costs to you. The right advisorwill think outside the box to explore every available savingsopportunity, keeping your workforce healthy and happy whileproviding you with funds you can use to help your business growwhere it's needed most.

Jim Blachek flipped his traditional brokerage model in 2017to focus solely on consulting and building value based healthplans. In 2019 he co-founded a consulting only firmDynamic Benefit Solutionsand founded Local Script atransparent pharmacy and marketing organization focused on reducingemployer and employee costs while supporting the localcommunity.

Read more: 

• Cost-cutting strategies for the newyear
• 3 ways to cut costs in your benefitsplan
• How brokers can foster clients' benefits successyear-round