Employer-sponsored benefit plans are investments in the health and wealth of today’s workforce. Not everyone is an expert financial analyst, but as a benefits administrator, your company counts on you to invest in the right plans to yield the right results. The good news… data analytics technology can help.
Looking Behind the Healthcare Curtain
Trading stocks used to be done through one-on-one meetings and telephone calls. Now, you can manage your portfolio online in real time thanks to online tools. There are charts, calculators and news resources that walk you through the details and show you what may be driving specific stock prices up or down. What if you had the same level of visibility into your company’s health plan costs?
If your company is self-funded, what you spend on healthcare could vary significantly from month to month. You could grin and bear it, blaming it on the economy, healthcare reform or just the constant, inflated increase in healthcare costs. Or you could take a look behind the curtain and see what’s really happening. Even better, you could discover that you have the power to actually change it.
When Change Equals Savings
With ACA requirements, employers expect higher enrollment numbers in 2015, which automatically contributes to higher spending. Mercer’s 2014 National Survey of Employer-Sponsored Health Plans reported that employers predict health plan cost per employee to rise 4.6 percent in 2015 on average. However, if no changes are made to their current plans, that predicted cost goes up to 7.1 percent. So how do you know what changes you need to make to keep costs from escalating and make sure everyone who is eligible has access to coverage? Start by increasing transparency into your healthcare data.
Don’t wait until you meet with your broker to get the data you need to manage health plan eligibility and spending. Aggregate all of your benefits data onto a single technology platform so you can gain full visibility into your healthcare spending and enrollment data around the clock. With interactive reporting, data analytics technology enables you to track how your benefits plans are performing and where your dollars are going… just like you would track your investments. When you have a spike in claims, you can pinpoint the exact source with just a few clicks and empower informed decision-making to eliminate over-spending.
Analytics in Action
Example: A manufacturing company experienced an uptick in bills for emergency room visits. After using analytics tools to dig into their claims data, the company realized an overwhelming majority of these visits were due to plant workers suffering from back pain.
The source: A concrete floor that was not ergonomically built for people to stand on all day.
The solution: A spring floor to offer workers better support.
The result: Reduction in emergency room visits and total healthcare costs.
Imagine the story your data could tell. It could reveal that your employees need a better understanding of which physicians are in their network or which employees could benefit from a lower-cost consumer directed health plan (CDHP). Your data could even show you how a slight change to your plan design could shave off a couple million dollars from your annual healthcare costs. Let the data lead you to smarter investments.
Check out the all-new data analytics tools that can put you back in control of your budget by providing valuable insights into benefits program performance and costs.