Accolade (Nasdaq: ACCD), the company that provides millions of individuals and their families with Personalized Healthcare, announced today the findings of a new report that demonstrates the power of Personalized Healthcare in creating a positive employee experience in today’s increasingly competitive talent economy.
According to the 2022 Large Employers’ Health Care Strategy and Plan Design Survey by the Business Group on Health, employers are focused on expanding access to mental healthcare and accelerating virtual healthcare options to meet the needs of their workforce in the long term. Almost two-thirds (61%) of employers are looking to accelerate virtual health to address challenges in access to quality care.
Innovative employers are seeing employee healthcare and health benefits as a key factor in retention and recruitment. This year presents an opportunity for employers to provide a better healthcare experience by eliminating barriers to care and helping people get the right care at the right time. Creating a deeper connection with employees is crucial for retaining the best and brightest talent.
Leading market research company Savanta examined how Accolade’s Personalized Healthcare services, including advocacy, care delivery and specialty care services improved the employee’s experience and perception of both their health plan and employer. Three key areas were analyzed: retention and recruitment; experience and satisfaction; and perception of the employee’s health insurance provider.
The results demonstrate that Accolade’s personal, data-driven, and value-based approach is the one healthcare service that people, and their families find indispensable. Most Accolade members feel that Accolade has made their experience with healthcare easier (93%) and that it has improved their healthcare benefit experience (92%).
“Offering a competitive benefits package that cares for the whole person and provides a Personalized Healthcare experience enhances the employer’s benefit package and can help reduce the likelihood that an employee will seek another job,” said Accolade president Robert Cavanaugh. “Employers can improve retention by eliminating silos between physical and mental health so that people and their families feel supported throughout their entire healthcare journey.”
Additional findings include:
Retention and recruitment
- Accolade members are more likely to evaluate the health benefits provided by their employer when choosing between job offers (92% vs. 78% for non-members).
- Accolade impacts employee tenure. Accolade members report the quality of benefits impacts how long they stay with their employer (88% vs. 59% for non-members).
- Accolade members are more likely to believe that health benefits provided by their current employer are better than their previous employer than non-members (88% vs. 62% for non-members).
Experience and satisfaction
- Accolade members found increased ease regarding many factors related to their health benefits:
- Finding a high-quality doctor or hospital (91% vs. 73% for non-members).
- Managing insurance claims (91% vs. 69% for non-members).
- Obtaining information on health benefits (95% vs. 81% for non-members).
- Understanding eligibility (92% vs. 71% for non-members).
Perception of health insurance provider
- Accolade members have a more favorable opinion about their company’s health insurance provider regarding:
- Transparency in communication (91% vs. 66% for non-members).
- Offering peace of mind (89% vs. 78% for non-members).
- Saving time (91% vs. 63% for non-members).
“These findings demonstrate that we are delivering a valuable experience for our customers and their people amid the Great Resignation. We know that Personalized Healthcare is resonating with individuals and their families, and the results of this survey align with our consistently high and industry leading NPS measures,” said Accolade chief customer officer Eve Stacey.
Savanta was commissioned to conduct quantitative research among Accolade members and non-Accolade members regarding their experience with insurance and healthcare providers. Three hundred respondents participated in the survey in September and October of 2021.
Read more about the report here: https://www.accolade.com/blog/accolade-value-report-employee-benefits/
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