Health Care Reform: Making Informed Decisions in Uncertain Times - April 2013
Health Care Reform is a Transformative Event. Health Care Reform will change the way healthcare is paid for, delivered and consumed in the United States over the next 20-30 years, impacting every employer, person residing in the United States and health care provider. The subject of the Affordable Care Act is the healthcare delivery system in the United States. The law is designed so more people receive health insurance coverage. Since many people are covered through employers, the Affordable Care Act has an enormous effect on employers.
At the outset, many financial professionals might ask…”Why should I care about Health Care Reform, unless my organization is within the healthcare industry? From an employer’s perspective, isn't this just about benefits and HR?”
In fact, Health Reform has the potential to:
-Fundamentally change the way companies recruit, retain, and reward their people.
-Drive major investments in HR IT and HR Administrative Practices
-Alter risk management practices, and renew focus on HR compliance
-Bring HR and Finance Teams together more closely
As a side note, health care reform will also re-direct consumer dollars away from discretionary spending, in order to pay for health premiums.
In short, Health Care Reform is creating a period of financial uncertainty for large companies, as they think through and identify how to comply with legislative requirements taking effect from now through 2018.
By understanding the sources of that uncertainty and taking action to mitigate its impact, CFOs can help to minimize the risks and costs associated with these changes.
And as a side note, ADP has health benefits administration expertise and insights that can help (based, in part, on aggregated client data and experience); the purpose of this presentation is to share those insights with you.