Do you ever feel like you don’t know where to start? That even if you could gather all of the relevant data around your employees’ and members’ benefit utilization, you still wouldn’t know what to do next? How to categorize or interpret the information, much less how to use it? We know it can be frustrating. It can feel like a black hole for not just your time but also your resources. That’s why we’re excited to announce two new revolutionary products we’ve designed to help you unlock the true power of your benefits data, whether you’re an employer, carrier, broker or consultant.
First, let’s start with a phrase you’ve probably read a few times while looking through the Benefitfocus site: Data Is the Foundation. This phrase may sound simple, but when we unpack it, it becomes clear that if we’re creating plans around faulty data, or trying to manage costs with limited insight, we’re basically throwing time and money away. Without the right data, and without being able to gain practical, actionable insights from the data, we have no idea if all of our hard work is being wasted.
We know what you’re thinking: But I’m not a data scientist; how am I supposed to even know where to start? That’s exactly the problem we encountered time and time again when researching the available data analysis products on the market today. They’re too complicated for the everyday user, and for the power user they lack the true deep-dive capabilities required to drill down to granular detail.
To address these holes, Benefitfocus data scientists, analysts and visualization experts hit the streets. Well, not literally. They went to the people who actually needed these tools and through hours upon hours of interviewing and researching developed a deep understanding of users’ needs. Out of this came Core & Advanced Analytics.
For the everyday user, such as benefits administrators and HR professionals, we noticed a pattern of 15 key metrics that were essential in understanding benefit utilization and predicting future outcomes. In order to present these metrics in the quickest and easiest way possible for meaningful understanding, we developed a dashboard unlike any other. By presenting each of the metrics in varying color-coded graphs, a user can immediately understand Chronic Condition Compliance, Prescription Drug Summary By Cost and many more program-defining data sets.
To gain even more understanding of benefit utilization, users can click through the dashboard and drill down to population specifics. Let’s take Biometric Screening for example. With biometric data, you have radically different formats of data coming from many different types of organizations, and being able to normalize and make that information consistent from one source to the next was a challenge we had to overcome in order to present a wealth of insight to the user. When we click through to the Biometric Screening Dashboard, we’re able to see information relative to the biometric statistic at which we’re looking as well as relating that to clinical and financial history.
One priceless benefit of having access to the right data is the ability to predict risks and costs, but in order to accurately model future outcomes, we need to look at very big data sets. To accomplish this, we went direct to the one of the most respected and knowledgeable wells of healthcare information: the world-renowned Johns Hopkins Adjusted Clinical Groups (ACG®) System. Now our customers can access all of their valuable data, and also compare it to an enormous reference database to gain a better understanding of their population as a whole.
For the power users who want to understand their initiative details on the individual level, and require an unparalleled precise analysis, we created Advanced Analytics. Built into the functionality is a scalpel-like filtering capability that allows users to drill down to specific time frames, member subsets, conditions, providers and more. With more than 70 different applications, ranging from a scheduling function to generate analysis within specified time frames to auditing tools and detailed queries, the ability to alter the course of your organization is literally at your fingertips.
To learn how Benefitfocus Core & Advanced Analytics can help you unlock the power of data—to make your job easier, make your CFO happier, and help your associates get the most from their benefits—contact us at firstname.lastname@example.org.