Cogent Advisors

01/25/2024

Thinking of going self-insured with your group health plan?

Here are some key indicators that it might be time to make the switch.

Self-insurance can be a great way for employers to manage their healthcare costs, but it's not the right choice for every company. Learn more about when self-insurance makes sense and how to get started.

01/18/2024

Health insurance has become the second biggest expense for most employers, demanding their attention and strategic planning. As business owners, we've been conditioned to accept skyrocketing costs as the norm. But is there a way to regain control over our total benefits expenditure?

Imagine managing your business, health, and personal relationships with just one annual check-in. It's not feasible, right? Healthcare and employee benefits require constant evaluation and proactive management.

In today's challenging economy, where healthcare costs continue to rise while outcomes remain stagnant, it's time for change. As business owners, we must seek creative solutions to free up capital and enhance our enterprise value through an optimized employee benefits program.

The focus on prevention and early detection is lacking, leading healthy groups to migrate towards self-funded models. Consequently, the fully insured marketplace is becoming a high-risk pool. Since the introduction of PPO networks, healthcare costs in the United States have surged by a staggering 2300%.

Misaligned incentives across the industry exacerbate the problem. Hospitals function as unregulated utilities, physicians and insurance companies lack financial incentives to control costs, and drug manufacturers prioritize profit over affordability.

Furthermore, federal bureaucracy, administration, rules, regulations, and compliance (BARRC) account for a significant portion of US healthcare spending, ranging from 31% to 40%. Employees, unfortunately, have little financial stake in their purchasing decisions.

It's time for employers to shift their perspective. Employee benefits should be viewed as more than just a cost of doing business. By strategically managing our healthcare plans, we can enhance the cultural impact within our organizations and improve our overall enterprise value.

Together, let's take control of our health insurance costs and create a brighter future for both our businesses and our employees.

The current state of Healthcare Health Insurance has now become, on average, the second biggest expense for most employers. Business owners have been told for years that large premium increases are ‘just the way it is’, and have been trained to expect very little from their agent. Are skyrocketi...

01/08/2024

Elevate Your Workforce with Employee Scorecards!

In today's fast-paced business environment, organizations must find effective ways to drive employee performance and foster growth. That's where employee scorecards come in.

Employee scorecards are an invaluable tool that helps individuals understand their current performance and provides a clear roadmap for success and advancement within the company.

Why are employee scorecards so important? Let's break it down.

1️⃣ Clarity: Scorecards outline specific goals, expectations, and key performance indicators (KPIs). This clarity empowers employees to align their efforts with organizational objectives, ensuring everyone is moving in the same direction.

2️⃣ Motivation: When employees have a visual representation of their progress and the rewards that await them, it fuels their motivation to excel. Scorecards create a sense of purpose and fulfillment, driving individuals to push beyond their limits and achieve more.

3️⃣ Development: Scorecards identify areas for improvement and provide actionable feedback. With this valuable insight, employees can focus on enhancing their skills and competencies, ultimately becoming more valuable assets to the organization.

4️⃣ Retention: By offering a transparent path for career progression, employee scorecards promote loyalty and retention. Employees see a future within the organization, fostering a sense of belonging and reducing turnover rates.

5️⃣ Performance Management: Scorecards facilitate ongoing performance discussions between managers and employees, enabling constructive feedback and coaching opportunities. Regular check-ins help address challenges and celebrate victories along the way.

We have witnessed firsthand the transformative power of employee scorecards. By implementing this system, we have seen increased engagement, higher productivity levels, and a stronger, more motivated workforce.

Are you ready to unlock the full potential of your employees? Let's connect and explore how employee scorecards can elevate your organization to new heights!

So, Employee Scorecards. It’s one of the easiest things to do, and it’s one of the biggest things that companies are not doing, regardless of size. It’s a simple tool that can go a long way in driving performance and productivity in the workplace. Scorecards are designed to track and measure e...

12/19/2023

As we approach the holiday season, it's a good time to pause and take a moment to truly appreciate those who contribute to the success of our business - our dedicated employees.

We'd like to take this opportunity to urge all managers and leaders to really get to know your team members. Understanding their individual strengths, aspirations, and challenges not only promotes a more inclusive work environment but also helps us to tap into the full potential that our workforce offers.

So, take the time this holiday season to engage with your team - you might be surprised at the wealth of knowledge and ideas waiting to be discovered.

12/12/2023

Are you making the most out of your business hours?

It's worth noting that not all tasks add direct value to your bottom line. Non-billable tasks like troubleshooting, business development, and even professional development can add up over time. While these are necessary for smooth operations and growth, they can surreptitiously eat into your profitability if not properly managed.

It's essential to establish a system that clearly distinguishes between billable and non-billable hours. By gaining clarity, you can strategically allocate resources and focus more on profit-generating tasks without neglecting the necessary non-billable ones. Keep an eye on the clock; it's ticking towards your success!

Unbilled and unbillable hours are an epic problem many businesses are facing right now. As we approach the end of the year, clients are left wondering why their profits are taking a hit. This issue isn’t limited to just one industry; it’s prevalent in construction, technology, manufacturing, and...

12/04/2023

Are you aware that unbilled and unbillable hours could be silently killing your business's profitability?

These hours represent time spent on tasks that cannot be charged to a client.

For instance, administrative work, training, or even an overly long project that goes beyond its estimated time. While some of these tasks are inevitable parts of running a business, a significant accumulation of such hours can lead to major profit losses.

To boost your profitability, it's crucial to track these hours, understand their impact, and strategize on how to minimize them.

11/28/2023

Meaningful conversations about individual strengths and unique abilities aren't just good practice – it's a strategic necessity.

When team members are empowered to bring their best selves to the table, they are more engaged, perform better, and are less likely to leave.

Don't miss out on unlocking your team's full potential.

When individuals join an organization, they bring with them a unique set of strengths and abilities. These qualities play a crucial role in their excitement to work for the company and contribute to its success. However, many organizations fall short in effectively identifying and leveraging these s...

11/21/2023

Are you harnessing the unique abilities of each member of your team?

It's important to engage in meaningful dialogue with your employees about their strengths and unique abilities. This not only fosters a mutual understanding but also empowers individuals to contribute their best to the team.

Remember, when people use their strengths, they are more engaged, perform better, and are less likely to leave their jobs.

Start the conversation today and unlock the full potential of your team.

11/14/2023

Taking care of our mental health is as essential as taking out the trash at home. When we neglect to remove our garbage, our home becomes cluttered and unhealthy.

Similarly, when we overlook our emotions and feelings, our minds become overwhelmed, affecting our overall well-being. Going to therapy is like taking out the trash— it's a regular cleanup of accumulated emotional debris that we might not be able to manage alone.

It's a step towards maintaining a healthier, happier mind.

11/08/2023

As we strive to create healthier, more supportive work environments, it's become clear that mental wellness in the workplace should be a priority, not an afterthought.

In our latest article, we explore the profound impact of mental wellness on both individuals and organizations, including how it can lead to increased productivity, fewer sick days, and a more positive workplace culture.

But the conversation doesn't stop there.

How can organizations effectively address mental wellness with their teams?

How does mental wellness contribute to talent attraction and retention?

We dive into these topics and more, shedding light on the importance of integrating mental wellness into employee benefits programs and the role of HR in fostering open, non-judgmental discussions about mental health.

Mental wellness is not just an HR issue; it's a business imperative, and it's time we all acknowledged it.

Check out the article, share your thoughts, and let's keep the conversation going.

In today’s fast-paced world, mental wellness has become increasingly important. It is crucial for organizations to understand the impact it can have on their workforce and prioritize empathy toward their employees’ well-being. By proactively linking employee benefits with mental wellness, organi...

10/12/2023

Here are Seven Areas of Focus to Enhance .

Congrats to our partners Shawn D. Spencer & Leon LaBrecque, for publishing a GREAT article in the recent edition of "MICPA Connections".

This interactive flipbook is created with FlippingBook, a service for streaming PDFs online. No download, no waiting. Open and start reading right away!

05/02/2023

Thank You to our panel and guests who attended our Executive Roundtable event last week.

We discussed recession fears and how to prepare for any market environment, including:

- Economic Update – Update on Regional, National, and Global Economy for 2023 and beyond.

- Benefits of performing a corporate viability assessment to improve performance.

- Ensuring that your culture, leadership, operational processes, and technology are all aligned.

-Creative ways to free up additional capital via cost-reduction strategies.
Ideas to proactively mitigate Lender’s covenant concerns and better manage your balance sheet amid working capital swings.

We have our next one scheduled for June. Details coming soon.