New Poll: U.S. Business Leaders Would Increase Employee Wages and Technology Investments If They Could Lower Healthcare Costs
Jun 9, 2014
The Enterprise Healthcare CFO Poll Reveals Nearly All CFOs Agree Employers Must “Step-Up” and Help Fix Healthcare in America
SAN FRANCISCO – June 10, 2014 – A new poll of chief financial officers (CFOs) at large U.S. companies that currently provide health insurance to their employees finds that about 9 in 10 agree that if their company’s healthcare costs were lower, they could afford to pay higher wages and salaries to their employees (93%) and/or invest more in innovation (88%). More specifically, if CFOs had the ability to decrease their company’s healthcare budget by 30% – the amount of waste estimated in the healthcare system – the money saved would most likely be used to:
- Invest in more and/or better technology (49%);
- Increase wages or salaries for employees (50%); and/or,
- Develop more new products or services (49%).
The Enterprise Healthcare CFO Poll is a national executive research survey among 137 CFOs, conducted online and by telephone in May by Harris Poll and commissioned by Castlight Health®. The Enterprise Healthcare CFO Poll focuses on CFOs because, while these executives may not always be at the forefront of discussions regarding healthcare, they arguably have among the greatest opportunities to influence healthcare spend and quality. It is estimated 48% of Americans receive their healthcare insurance coverage from their employer. By surveying the executives responsible for managing healthcare expenditures that impact so many individuals, Castlight hopes to raise awareness and understanding of the challenges and opportunities facing CFOs. Additional key findings include CFOs acknowledging the strain healthcare costs place on their companies and the country:
- About 4 in 5 (81%) say that healthcare costs drain company resources that could be better used for other purposes;
- Four in five (80%) say they feel powerless when it comes to managing their company’s healthcare spending; and,
- More than 9 in 10 (93%) agree that the high cost of healthcare in America gives foreign companies a competitive advantage.
When it comes to solving the problem, nearly all CFOs (97%) agree that employers must “step-up” and get involved in fixing healthcare in America. “Healthcare spending is theproblem for enterprises; in fact, you can say healthcare is an American business disease,” said Giovanni Colella, M.D., co-founder and CEO of Castlight Health. “The Enterprise Healthcare CFO Poll revealed these senior executives recognize the opportunity in front of them – both for their business and for their employees – with better management of healthcare spending.”
The Enterprise Healthcare CFO Poll was conducted online and by telephone within the United States by Harris Poll on behalf of Castlight Health between May 14 and May 20, 2014 among 137 CFOs at companies with 1,000 or more employees that currently provide health insurance to their employees. For a complete survey methodology, including weighting variables, please contact [email protected].
About Castlight Health
Castlight Health, Inc. (NYSE: CSLT) believes great healthcare builds great business. The Castlight Enterprise Healthcare Cloud enables employers to deliver cost-effective benefits, provides medical professionals and health plans a merit-based market to showcase their services, and – most importantly – empowers employees to make informed choices with a clear understanding of costs and outcomes. For more information visit www.castlighthealth.com. Follow us on Twitter and LinkedIn and Like us on Facebook.
 “Better Care at a Lower Cost: The Path to Continuously Learning Healthcare in America.” Institute of Medicine. Issued 2013.
Copyright 2014 Castlight Health, Inc. Castlight Health is the registered trademark of Castlight Health Inc. Other company and product names may be trademarks of the respective companies with which they are associated.