How using integrated data can unlock health care costs
Rising healthcare costs plague both employers and the brokers that serve them. Everyone can agree that being able to measure, predict, and even lower these costs is an invaluable component to maintaining a thriving company and workforce. The problem is, if you’re just looking at medical and pharmacy data, you’re only seeing a fraction of your true costs. And without the infrastructure in place to help predict claims, you will never be able to be proactive instead of reactive when it comes to cost mitigation.
In our webinar with EBA we partnered up with Louis Gallucci, VP of Insurance Office of America, to help brokers and employers alike understand how a partnership with Workpartners can generate value and help in the battle against rising cost trends.
Secret 1: Having Self-Funded Insurance Matters
Transitioning to a self-funded employer can be a scary proposition, but with the right benefit design and data analysis tools in place it doesn’t have to be. When we partnered with Louis, he was just starting out in creating an association health plan called “Missio Benefits,” which offers insurance coverage for faith-based organizations across the United States. As new groups joined each month, it was critical that Missio could understand all of their costs and all of their data. For that reason, Workpartners was selected as a strategic partner from day one.
Through our vast knowledge and our data analysis capabilities we’ve been able to advise them on benefit design and other cost factors, which has made a huge impact in managing costs. This allowed Missio to help “guide” benefit use, and ultimately helped them keep costs under control, even as new groups join the plan.
Without a self-funded infrastructure, Louis and his team could not have been as aggressive with benefit design and cost-management, nor could he provide an insurance service to organizations nationwide.
Secret 2: Go Beyond Medical & Pharmacy Data
We all know employee health is much more than medical claims. Through our partnership, Louis has learned that the culprits of poor health are often matters like behavioral issues, marital difficulties, spiritual issues, divorce, or concerns about children—things you’d never see by just analyzing medical and pharmacy claims data.
This is why Workpartners looks deeper and works with you to help integrate disparate data sets across your organization to give you a clearer picture of the health of your workforce. This allows you to create better policies, better benefit design, and better employee incentives—helping both your company and your employees to thrive.
Secret 3: Get Person-Centric
Your employees lead complex lives, and they could be dealing with a plethora of issues that are affecting their health. By looking at your employees for what they really are—human beings—you can engage your workforce at a much more profound and personal level. Workpartners offers the tools you need to look at your workforce from a person-centric perspective, which allows you to drive higher levels of employee engagement. This saves you money in the long term and keeps your clients’ (or your own) businesses thriving.
Secret 4: Leverage a Strategic Partner
Integrating data sounds great—but it can be a lot of work. When you partner with Workpartners, we do all the heavy lifting, and consult with you about what data sets may be the most beneficial, based on your company and your industry. After we put all of your data into one central, person-centric database, we go even deeper—curating your data, showing you what trends you need to look at and what areas you need to address.
Having a partner that integrates, analyzes, and synthesizes your data—and brings you problem-solving solutions—lets you focus on managing your (or your clients’) healthcare costs.
Louis knew he couldn’t achieve what he did without a partner. And you could also benefit from a strategic partner with deep experience in data analytics, data integration, healthcare benefit design, employee engagement, and more.