One Place 2016 | Core Analytics Demo

Featuring integrated medical and pharmacy claims and member demographic data, BENEFITFOCUS® Core Analytics provides benefits professionals with on-demand metrics they need to strategically manage their employee health plans.

 

Transcript

Shawn: We've looked at some tremendous core capability and the consumer role, the benefits administrator role. Let's begin to shift gears and start looking at some of the expanded services and technology that we have for you. To give us a look, I've got my good friend, Shan Fowler, our senior director of products strategy. Shan, take it away.
 
Shan: Thank you, Shawn. Good morning, everyone. Since I started at Benefitfocus, eight years ago, the pace has changed and our industry has been phenomenal. I think we can all agree that it doesn't show any signs of slowing down anytime soon. You need solutions that speak to this pace of change. We're making major investments not just in our core platform, but in solutions that expand the value of that platform and help you to manage old tasks in new and innovative ways, and new tasks in more efficient ways. We've got a lot of awesome updates to show you today. So let's go ahead and get started.
 
Core Analytics was introduced on this stage a year ago, but it came from 15 years of dedicated engineering on our advanced analytics platform, which is a very popular offering amongst brokers and TPA's and, in increasing numbers, large employers and carriers such as yourselves. What we did was we took the top metrics from Advanced Analytics and said, "How can we pull these into our benefits administrator role and give our administrators access to this in a visually compelling way that provides you with insight at every turn?" To show it to you, I'd like to welcome out to the stage one of the engineers who worked on Core Analytics, Michael Johnson. Come on out, Michael.
 
Michael: Thank you, Shan. Hello, everyone. Today, I'm very excited to show you the new features we've added to Core Analytics. As an HR administrator, you know that data is crucial in making good business decisions every day, and having timely access to that data is key. Well, Core Analytics is a claims-reporting module that's available right inside the benefits administrator role. That means you can log in at any point in time to gain on-demand access to your plan utilization giving you the opportunity to understand, manage, and ultimately make better decisions about your plan. So, let's take a look.
 
I'll start by logging in to the benefits administrator role. To access Core Analytics, I'll select the data reporting icon and then select the analytics link in the following menu. When you enter the application, you land on the dashboard. Core Analytics contains 15 of the most powerful and relevant metrics that offer a snapshot for your health plan cost, enrollment utilization, as well as key data regarding the health of your members.
 
This year, we've enhanced the filtering of Core Analytics. These new filters really harness the power of the Benefitfocus platform to be able to provide specific data points from a massive collection of data.
 
By default, the dashboard loads with a rolling 12-months date range. But as you can see here, I now have other options to choose from. So, I'll select, "Plan year-to-date," and refresh the page. Once the page refreshes, I can see that the dates and my cost by benefit-type metric have changed to reflect this new filter option. So, let's drill down to this metric so I can show you how the filter also extends through to the insight statement as well as the report details.
 
Each metric in Core Analytics contains a unique insight statement that is designed to highlight specific information about your plan. This insight statement is informing me that during the current plan year, it's the dependents that are driving the majority of my costs, accounting for about 57% of my total plan payment. A dependent-cost ratio like this could mean a couple things. It could mean, one, premiums for spouse and family are either too low, or two, utilization among my dependents is extremely high. When using the new filtering capabilities in Core Analytics, you now have the tools you need to find the answer to that question.
 
So, let's go back to the dashboard and look at some of the other filtering options we have available. Say I wanted to analyze the activity for just my employees versus all plan participants. All I have to do is apply a relationship filter, set it equal to employee, and then refresh the page. For example, with this filter applied, I can now easily analyze the medication compliance for my employees using the chronic conditions metric below. Based on current compliance rates, it's projected I'll have about 2600 absent hours in the next 12 months. While this is great insight, this is obviously not the greatest news. But fortunately, given the data this metric provides, I now have the information I need to be able to implement an effective cost-control program such as a wellness program or a disease management program.
 
Let's take this same analysis. Say I wanted to get a prediction for absent hours for a specific location. Without even leaving the page, I will switch my relationship filter to a location filter, select any one of my locations, and then refresh the page. Just like that, you've got that same great analysis applied to a specific location. Isn't that fantastic?
 
For many years, analysts have worked hard to link employee health to absenteeism and that is just one of the many benefits that Core Analytics provides to you. 
 
The next new set of features I'd like to show you, today, are the enhancements we've made to our report package functionality. For benefit practitioners that need to be able to pass off expense and utilization detail to finance executives, you're in luck because we offer a presentation-ready report package. You may have noticed the report package button at the top-right of this page, but when I click this button, the package will launch in a new window containing all 15 metrics and will automatically apply the last filter combination I selected. New, in 2016, is the ability to get a pdf of this package.
 
With a single click of a button, I now have the exact information I need to take to that CFO, or compliance manager, to talk about how my health plan costs are tracking against my budget. Even better, using the data in Core Analytics, you'll have the information you need to prepare an even more accurate budget for next year.
 
As you've seen, today, with Core Analytics, you now have the information and the insight you need to better understand and manage your plan, all within the same experience you used to manage your other benefit programs on the Benefitfocus platform. Today, I've enjoyed sharing Core Analytics with you and I'm very proud to represent all the efforts of our engineering team as we've all worked very hard to make this such an incredible and powerful tool for you to use. Thank you.
 
Shan: Thank you so much, M.J. I get so excited about Core Analytics because the claims data that we have available to us is such a treasure trove of information. Core Analytics really helps you to tap into that power of that analytics, to have ready access to it, and to really affect your programs, your benefits programs, in a positive way. Core Analytics is available now. Some of the great features that Michael showed you, today, will be available in the Autumn including the cost-per-capita metric, the filtering options, and that presentation-ready reporting pdf.