Faced with perpetually rising healthcare and pharmacy costs, challenges in retaining and attracting employees, and now a surge in inflation, today’s business owners and HR managers find themselves working with little margin for error. To compete in a tight labor market, they must offer a total rewards program that is demonstrably valuable to employees. To keep their organization in business, they have to design and implement that program in a manner that is purposeful, efficient and, most important of all, effective.
It's a conundrum — but one for which there are solutions. And the formula for determining which solution is right for your business lies in data analytics.
Alera Group invites you to join us on Thursday, June 16, for a timely webinar: “Leveraging Data Analytics to Control Health Plan and Pharmacy Spending.” During the one-hour session, our data analytics experts will provide insights and examples to explain how to control health plan and pharmacy spending without sacrificing plan quality.
You’ll learn not only how to optimize your health plan and pharmacy spending but also how to convey to your team the value of their benefits. It’s one thing to offer employee what they think they need. Through the use of data analytics, you’ll be able to demonstrate that your offerings address what they actually need.
Collaboration the Key to Population Health
Our process is part of an approach known as “population health,” which takes into account three basic components: cost, impact and experience of care. “Population health,” Forbes recently reported, “represents a real opportunity for providers to improve not only the health and well-being of those they serve, but also their own financial health.”
As Deloitte expresses in its whitepaper “Analytics to improve outcomes and reduce costs”:
“Many health systems and health plans are making value-based care a priority, and are investing in population health analytics to enable their strategies. However, our research suggests that most health systems and health plans are not yet sufficiently focusing on effective analytic collaboration approaches that could unlock the synergistic benefits of combining the best of what each stakeholder has to offer.”
The employee benefits and data analytics experts at Alera Group — led by Vital Incite, an Alera Group company — are all about collaboration. We work together to combine data, develop coordinated strategies, assign goals to specific partners and then collaborate to achieve those goals. The resulting solution is a win-win-win:
The employee benefits and data analytics experts at Alera Group and partner Vital Incite are all about collaboration. We work together to combine data, develop coordinated strategies, assign goals to specific partners and the collaborate to achieve those goals. The resulting solution is a win-win-win:
- A win for the health system aiming to achieve its goal of providing quality care;
- A win for the employer seeking to manage costs while offering its team valuable benefits and keeping its workforce healthy;
- A win for the employees who reap the multiple rewards of well-designed, cost-effective health benefits and are able to experience improved health.
A healthy workforce is vital to an organization’s bottom line. Time lost to employee illness not only hurts production and drives up payroll costs but also increases how much an organization spends on its health plan and prescription drugs. Businesses that collect the right data and use analytics to determine which treatments and preventative measures deliver the best outcomes are able to achieve sustainable results.
Why This Webinar
Vital Incite estimates that fewer than 5% of employers make use of the analytics available to them to drive health plan and overall employee benefits strategy. The result is a tremendous amount of plan spending and relatively little ROI, with some organizations spending up to 10 times what they should due to claims paid erroneously or ludicrous rates.
Vital Incite recently addressed one cost-saving measure in a webinar of its own: “Creating Access to Appropriate Therapeutic Pharmacy Alternatives.” During Alera Group’s June 16 webinar, we’ll help you identify additional opportunities to control costs while achieving outcomes reflecting the multiple meanings of a “healthy organization.”
To register, click on the link below.
About the Author
Mary Delaney, MS PT, CWP
Vital Incite, an Alera Group company
Since founding Vital Incite in 2013, Mary Delaney has served not only as the company’s chief executive but as an industry though leader, bringing fresh perspectives to the world of employee benefits. Having spent 23 years on the provider side of the healthcare industry as a physical therapist provides her with the unique ability to see the big picture in healthcare and develop outside-the-box strategies and solutions, with particular expertise in wellness solutions, disease management, utilization management and clinic integration. Armed with better understanding of the health and financial challenges that a specific employer is facing, she develops integrated strategies that include wellness program design, healthcare benefit utilization and employee communication. These strategies are designed to help employers and employees better manage medical expense by improving employee health outcomes.