Data is Data: So What? Employers have been left in the dark for years regarding their health insurance claims data. Just looking at claims vs premium and having discussions around a particular year being “good or bad” is not going to cut it any longer. Using real data analytics is the way to not only build your health plan to address your specific employee needs but also take action against the future “bad years.”
There are three main components of the BDS Analytics system:
- Data Analytics & Reporting
- Plan Modeling
- Performance Tracking & Monitoring
Data Analytics & Reporting
The Data Analytics & Reporting capabilities provide dynamic, graphical dashboards and an array of reporting capabilities. In addition, data filters and drill down capabilities provide insight down to the member and condition-specific level. With rich analytics, the user has the ability to evaluate employee/member compliance levels based on best-practice standards and prevention screenings. With the ability to instantly view cost and condition factors that affect your overall health plan, the data analytics tools deliver an essential foundation for optimizing your plan design and managing population health.
The Plan Modeling tools provide comparative analyses on hypothetical plan strategies using actual claims experience. These tools enable organizations to forecast potential savings, predict changes in a proposed plan, and calculate the possible value in various wellness initiatives. By simulating plan modifications with real claims experience, these tools are designed to improve population health, save money and increase efficiency.
Performance Tracking & Monitoring
The Performance Tracking & Monitoring component of the system continuously measures user-defined data, providing monthly alerts on cost, compliance and enrollment activity. Providing stakeholders updates on hitting performance goals and using internal alerts to keep an eye on various cost and compliance factors are important to staying on track.