Managing Your Health Spend with Claims Data
It’s More Than Just Numbers on a Sheet
The clock starts the day your health plan renews, and how you use your claims data throughout the year can have a (positive or negative) financial impact on your next renewal.
Data is only as valuable as what you do with it. Many employers already receive monthly claims reports, which is great in understanding where your dollars are being spent, but leaves business owners thinking – so now what?
Three types of analytics are necessary in properly managing your health plan: Descriptive – Predictive – Prescriptive.
Descriptive Analytics are the historical and monthly claim reports that provide a rearview look of what already took place. This is the first step of the equation in determining how to control costs, (and is where our competitors often stop).
Enter Predictive Analytics! In the era of technology and artificial intelligence, predictive analytics uses your current and historical data to make predictions on a one-to-three-year basis, eliminating the wait-and-see or cross-your-fingers approach to annual renewals.
The key to pulling it all together is Prescriptive Analytics. Our Strategic and Tactical Actions and Results Report (STAR) provides insight on what course of action should be taken to reach the most financially impactful and ideal outcomes. The report ultimately provides clear, actionable steps to eliminate over-spending and reduce your costs
We Can Help
Health care is expensive, and a healthy workforce is vital to an organization’s bottom line. By leveraging your claims data, we can partner with you to determine which preventable measures are needed to ensure the most cost-effective strategies are in place.
For more information, please contact us:
Sales Enablement Specialist, Employee Benefits
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