Pub. 17 2020 Issue 1

18 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Albuquerque: 505-843-9232 | Las Cruces: 575-524-6830 El Paso: 915-500-1055 | www.ELCDC.com Enchantment Land CDC is a local non-profit that assists in the growth and development of small businesses in New Mexico and El Paso, offering local expertise and local decisions on SBA 504 loans. Empowering the Local Economy offer a wellness program to their employees. These programs include regular checkups, screenings, smoking-cessation programs and health education training. “We are all likely going to experience a wellness issue at some point in our lives. When this happens, healthy habits can stack the deck in our favor for lowering our risks and aiding in recovery,” says Michelle H. Schmidt, Owner of PACE Nutrition Coaching. “Employers have the ability, through a comprehen- sive health and wellness program, to contribute notably to their employees’ well-being.” Although 93% of small business - es said that employee well-being is critical to their bottom line, only 22% have a wellness program in place. Cost — Understanding what drives the cost a company pays for in medical care is the third big opportunity to lower overall expenditures. Research shows prescription drugs are one of the biggest health care expenses. In the survey, the response “pharmacy coverage is more of an issue than health care coverage” ranked fourth on the list of top business concerns related to health insurance costs. Only 16% ranked it in the top three concerns. One opportunity smaller businesses could take advantage of is determining if their employee is eligible for a Patient Assis- tance Program (PAP). If employees are eligible, the employer no longer pays for prescriptions but rather the drug manufac- turers’ foundations pay. n HEATH INSURANCE continued from page 17 Another place to look for savings is on medical bills them- selves. Many times, there are errors and opportunities to renegotiate discounts. A final consideration is to understand the cost of care and the choices available. For example, a woman seeking an OB- GYN may not realize that the cost of care can differentiate depending on which hospital she uses. The difference can add up to thousands of dollars. Enterprise has a complete survey report available upon request. To explore other Think Tank topics, visit www.enterprisebank.com/insights. n One opportunity smaller businesses could take advantage of is determining if their employee is eligible for a Patient Assistance Program (PAP). If employees are eligible, the employer no longer pays for prescriptions but rather the drug manufacturers’ foundations pay.