Harness the Power of Data to control benefits and risk program costs
Employee benefits are one of your biggest cost drivers. You’ve tried cost sharing and implementing health and wellness initiatives, yet costs continue to rise.
Employees can’t shoulder any more of the burden. In some cases, they’re postponing treatments—they just can’t afford them. If their conditions worsen without proper care, you could actually be increasing your healthcare costs through emergency room visits and hospital stays. And that doesn’t even take into account how your workers’ compensation and disability costs or employee productivity are being impacted.
Gain Clarity Through Data Analytics
You use data to make strategic business decisions every day. But you don’t demand the same level of data insight from your benefits and risk programs. That’s why you aren’t able to significantly impact program costs.
Different vendors house your data—health, pharmacy, workers’ compensation, disability, etc.—in separate silos. You get static, quarterly or annual reports that don’t offer much insight. Your advisors have to manually go through the data, which is expensive, time intensive, and could result in erroneous interpretations. You are unable to see how changes to one program impact another, and you can’t perform any other type of detailed analysis.
To make sustainable changes that control your costs and improve employee health outcomes, you need to integrate all of your benefits and risk program data in a single, secure platform. Once your data is integrated and validated, you will have the visibility and clarity you need to make informed decisions about the quality and efficacy of your benefits and risk programs.
The platform should automatically analyze your data and provide instant access to automated alerts that prioritize your issues, showing you where to focus your efforts first. A best in class solution allows you to securely collaborate and engage with your advisor within the platform to ensure that your data is secure.
To make impactful decisions about your benefits and risk programs, you need real time insight. Your data needs to be current and accessible. For most types of data, you should schedule at least monthly data feeds. Timely data is key to driving actionable insight.
What Data Should You Assess?
The more data you integrate, the more insight you will glean. To keep the data current, you should schedule at least monthly data feeds. And to identify trends, you should start with at least three years of historical data. At a minimum, you should assess:
The total amount you spend on healthcare, and how that cost is trending. You need the following data to perform an accurate assessment:
- Medical claims
- Absence management
- Workers’ Compensation
The health of your population
- Demographics (age, sex, etc.)
- Condition prevalence (how many members have diabetes, asthma, heart disease, etc.)
- Lifestyle risk (tobacco use, weight, etc.)
Enrollment and eligibility data and trends
- You can often learn a lot by seeing who isn’t enrolling in your benefits programs and why not.
Wellness engagement and program participation rates and trends
- You want to know how many people are actively participating and what programs they are accessing.
Absence management data and trends
- You need to understand how absenteeism is impacting your productivity.
With integrated access to timely data, you get answers to your questions in minutes rather than waiting days or weeks. Innovu offers the most scalable solution and analytics support to give you the insight you need to transform your benefits and risk programs.