In order to provide sound recommendations regarding your employee benefits, Bond considers a variety of data sources in addition to current market trends. Data analysis translates to smarter and more effective solutions specific to your business objectives.
Trend: Understanding shifts in the marketplace allow you to take a strategic approach to benefit design. The cost of healthcare will rise, legislation will change and products will continue to evolve. It is essential to apply marketplace knowledge to develop a long-term benefit strategy.
Demographic Analysis: This is the information that drives a large portion of your rates. Changes and patterns identified within this data are indicative of how the plan will be used.
Utilization: Tracking and understanding utilization allow us to develop both long-term strategic initiatives and short-term opportunities. Identifying immediate utilization cost drivers allows us to address them through employee education and engagement. Campaigns like generic drug utilization, urgent care vs. emergency care and mail in Rx have been successful in impacting immediate claim issues.
Claims Analysis: Ongoing claims analysis allows us to modify future plan offerings to drive the appropriate results. Determining systemic issues for employees allows us to use that information to suggest the appropriate wellness initiatives that can lead to long term health improvements and a reduction in utilization.
Benchmarking: Proper evaluation of where you are relative to other employers allows you to maximize your value proposition and retain your competitive advantage.
Benefits Integration: Understanding that different benefit plans work together is key to maximizing the value they provide. Knowing how your medical, dental, life, disability and vision plans will work together can help drive improved outcomes across the board.
If you're looking for claim data analysis strategies that will help control your costs while improving the quality and value of your organization's healthcare plan, Bond can help.