How Employers Can Predict & Reduce Healthcare Costs

For employers, implementing an online enrollment and member communication platform like Benefitfocus Marketplace is a transformative process. By empowering employees to make informed decisions about their benefits, employers have changed the entire benefits landscape and provided a better way to shop, enroll, manage and exchange.

Now, many employers who have implemented Benefitfocus Marketplace are further transforming their approach to employee benefits by adding and integrating additional technology and functionality, like Benefitfocus Core & Advanced Analytics, our claim data integration and data analytics components.

Employers, such as Cancer Treatment Center of America, have added analytics capabilities to provide associates and benefit managers with the information they need to make the most informed decisions. The key to this additional functionality is data integration of claims, eligibility and other health and benefits information into a consolidated data warehouse. With all their benefits data in one place, employers have a clearer picture of their costs, cost drivers and options.

Core & Advanced Analytics data integration allows individual associates to use their actual claim information when accessing the Plan Shopping Application through Benefitfocus Marketplace. This gives the employee direct access to actual claims experience so they can compare plan options based on their individual or family’s experience.

With Core & Advanced Analytics implemented, employers like CTCA have access to a consolidated claims and eligibility data warehouse and can utilize more than 70 standard and ad hoc data analysis and reporting applications to identify cost drivers and risk, measure plan and vendor performance and evaluate plan design changes by modeling changes to co-payments, coinsurance, deductibles and more.

This powerful set of online tools gives employers the ability to truly be in control of all aspects of their health plan. With Core & Advanced Analytics, employers can identify and monitor chronic conditions, such as diabetes and heart disease or evaluate cost control programs such as disease management, wellness or an onsite clinic.

By adding the extensive value of Core & Advanced Analytics to Benefitfocus Marketplace, employers are transforming employee benefits and health plan management from a passive, retroactive process, to an informed, proactive practice that is resulting in more informed decisions by employers and employees. All of this leads to more consumerism and reduced health and benefits costs.