I was having lunch with a friend who is part of a start-up that is working to create a medical records database. They are in the funding stage and travelling everywhere to find support for their idea. According to the Harvard Business Review and anyone paying attention to this issue, the health care system is starved for innovation and the entrepreneurial spirit.
When my doctor moved to a different practice, I hand carried my medical records from one practice to another. The prior practice, where my records remained, charged me a fee to copy them. In this day and age, it was hard to believe there was not a central database.
Small businesses are cautiously waiting to see how health care reform will impact their business. There should be a way for small businesses to estimate annual health care costs. A 2010 survey by the Small Business Majority found that 72 percent of firms with 10 to 25 workers provided their employees with full or partial coverage. Some small businesses are using a tax credit calculator to estimate their premium credit.
To qualify, a small business must:
- Have fewer than 25 full-time equivalent employees
- Pay average annual wages below $50,000 per FTE
- Contribute at least 50% of each employee’s premium
According to stltoday, on average, single coverage for employees cost businesses about $4,600.