Healthcare Cash Plan Category Procurement Intelligence Report

Business practices within Healthcare Cash Plan market are heavily influenced by changing trends across the category as well as within the broader Staff Medical Care market. Changing workforce demographics are creating challenges in identifying the right talent mix and processes that can keep the talent pool motivated and satisfied with their work.

New locations and vendors are emerging as cost effective suppliers of Healthcare Cash Plan, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

People analytics has emerged as a rather new branch of HR function with an aim to gain deeper insights into an employee's behavior, motivators, risk of attrition and general wellbeing. There is a high demand for suppliers who can integrated technology in traditional processes to generate insights on the buyers' talent pool.

As a result, category managers need to closely monitor the Healthcare Cash Plan procurement trends and identify changes required in their procurement environment for the category.

Healthcare Cash Plan procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Healthcare Cash Plan procurement strategy.

For example, Buyers should engage with suppliers that automate the process of handling any claims or requests through cloud-based software. Once initiated by an employee of buyer organization, suppliers' staff or the system itself can provide guidance for next steps. All necessary stakeholders can check the real-time status through web-based platform and take actions accordingly.

Category managers should track and measure suppliers' performance against a predefined set of KPIs that are agreed by both parties during contract negotiation. Results of the metrics can be linked to the employee satisfaction achieved in managing employee services and cost saved by successfully integrating various HR services with such administration.

Large organizations are opting to streamline and centralize their personnel-related administration functions at the global level to realize efficiencies and consistency in the employee benefits and related policies.

Healthcare Cash Plan procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Healthcare Cash Plan procurement. Some examples include: