As an SME you are never too small-scale to look after your employees’ healthcare.
Operating a business may be exceedingly challenging; at Sasfin we are a partner invested in your future as much as ours. We are creating a world where our clients feel empowered because they know we enable financial growth in their businesses and lives.
Small and medium enterprises (SMEs) are instrumental in the country’s economic growth and job creation. According to the Small Enterprise Development Agency, the latest results show that the total number of enterprises rose by 41 000(+1.7%). This means that just over 2.4 million enterprises are operating in the South African economy. A definite positive for the country.
However, one can attest that as a business owner, you often need to be a jack of all trades (HR manager, payroll manager, sales manager, business owner) while ensuring the efficiency of the business, this too, with the help of employees. Employees are the lifeblood of any company; without them there is no business. It is then that the conversation of healthcare comes to play.
In most cases, however, employee healthcare is overlooked and only comes to the fore when there is a medical crisis that requires immediate medical attention. Healthcare is a costly and difficult endeavour, you must choose the health plan you want to offer, estimate the cost, and then manage the program. Even if your organization is on a small scale, you can still use healthcare benefits to attract and retain employees.
Without a healthcare solution, these costs are typically borne by the employer or, in some cases, the employee, while the cost of membership is expensive and financially prohibitive for most workers. Employee contributions towards healthcare and subsidized from SME owners can help protect their employees from potentially devastating medical expenditures. It is then that health and wellness become key differentiators for SMEs. Taking care of your employees in turn increases worker loyalty, productivity, and revenues.
Another private healthcare benefit for employees that SMEs can provide is primary healthcare insurance, in essence, these products provided access to day-to-day medical benefits thus promoting the concept of ‘prevention is better than cure’ – conditions are diagnosed and treated earlier, to prevent the need for hospitalisation. Primary Healthcare insurance has shown to be more cost-effective and accessible than medical aids. This has given many lower-income individuals, or those who simply did not have the financial means, access to high-quality, private healthcare facilities and services. Primary Healthcare insurance is better suited for day-to-day medical expenses, which is provided through a network of approved medical providers, with hospital coverage being limited to trauma and accident cover coverage.
Healthcare solutions are complicated, and choosing the wrong one not only wastes your money on premiums but also leads to added costs when you must pay for your employees’ medical bills. We had the privilege of assisting one SME company with healthcare solutions. J2 Software is a security-focused technology business founded in 2006 to deliver practical, world-class security services and solutions to our customer and partner communities. More about the company here.
Our service offering to J2 Software included and not limited to was:
You can also watch this video to learn more about our offerings. Our goal as Sasfin Healthcare Consulting is to provide holistic, innovative bespoke solutions which are financially designed for you, the SME owner. We can manage your healthcare solution, so you can focus on your core business to warrant its success.
Contact our Healthcare consulting team to find out more, let’s talk