You might wonder why this question at this time of year, but that’s exactly the point. Now that crunch time and the pressure of renewal are behind us, take a deep dive into your health plan to learn where your health care dollars are going.
Performing a checkup on your health plan means reviewing data on claims and utilization. While employers with fully insured plans may lack this data, those who self-fund should have reports that identify how your company and your members have benefitted from the plan. More importantly, reviewing claims and utilization data can help determine if any patterns are developing that might call for additional health screenings or wellness measures. Finally, it’s a good time to see how your plan is performing compared to national or perhaps regional trends.
Put Your Information to Work
Many employers are simply not aware of what is available to them in terms of data. Others know they have the data but don’t know what to do with it. That’s where the right TPA can help. Our data analysis and custom reporting capabilities help our self-funded clients analyze plan performance and benchmark data to compare diagnoses, procedure costs and utilization patterns.
These tools can help employers and advisors forecast future plan costs and take steps to contain future costs. Plan design changes, chronic disease management, health coaching – these options and many more can help when plan information is analyzed and understood. Resolve to put claims data to work for your health plan this year. Your members will enjoy better benefits and your plan will be much more efficient.