Most CFOs at large U.S. companies that provide health insurance say they could afford to pay higher wages and salaries to their workers if their healthcare costs were lower, according to a survey commissioned by healthcare information company Castlight Health.
Castlight's Enterprise Healthcare CFO Poll results include responses from 137 CFOs. If their companies' healthcare costs were 30 percent lower, the CFOs said the savings would most likely be used to increase employee compensation (50 percent), invest in more or better technology (49 percent) and/or develop more new products or services (49 percent), according to the survey.
Furthermore, 81 percent of the CFOs polled said healthcare costs drain company resources that could be used in other areas, 80 percent said they feel powerless concerning healthcare spending management and 93 percent agreed foreign companies have an advantage because of the high cost of healthcare in the U.S.
Ninety-six percent of those surveyed said healthcare in America is broken, according to Castlight. Additionally, 97 percent agreed employers need to "step up" and get involved in fixing the healthcare system. However, 97 percent also said employers need more information about healthcare quality, and 96 percent of the CFOs feel employers need more healthcare pricing information.
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