As data becomes one of our most valuable resources in business nowadays, some organizations find this to be a challenge. Managing data can often be confusing, especially for small businesses that don’t have the resources that a large corporation might. Even with proper data access, it can be fragmented or occasionally invalid. Improving the data access for your organization can mean streamlined operations, resulting in a boosted bottom line. A common theme of staying healthy has always been preventative-based, and the health insurance and benefits industry is moving towards just that more and more. This has a direct impact on your workforce. Here are 3 ways to use data to its best potential moving forward.
Adopt a health intelligence software
Much like other industries, data software is becoming a huge part of the health insurance and health investment industry. One of the big trends in healthcare in 2020 is health intelligence software. Traditionally, companies would have teams of professionals who would compile these important data sets and go about identifying the possible opportunities for growth and improvement. With intelligence software, that changes and allows you to focus resources on other areas of your healthcare and your organization as a whole.
One of the nation’s largest healthcare providers, Blue Cross, also happens to be one of the largest providers of health intelligence software. While Blue Cross is, of course, a traditional provider, adopting a health intelligence software like Blue Health Intelligence can be a part of your self-insured workplace healthcare plan. It’s important to discuss these options with your stop-loss insurance provider, as this can impact your risk mitigation strategy.
Analyze how you currently use data
While health intelligence software can boost your bottom line and the health of your most important resource (your people), big data and this kind of software isn’t necessarily for everyone. Talk to as many data experts and health intelligence software experts as you can before making a decision. Without the right people and processes in place, you won’t be leveraging this new technology in the right way, and might just be wasting money in the long run.
Focus on the results
Just like any other industry, the most important thing about combining data accessibility and health insurance software comes down to the results. Develop ways to measure the success of these results, and then tweak your business to see fit.
How Does Health Intelligence Software Impact Self-Insured Employers?
While there might not be a lot of impact on most self-insured employers, again, it’s important to discuss these options with your experts. Be sure to do your due diligence. If you have any questions about potentially adopting health intelligence software and stop-loss insurance simultaneously, please don’t hesitate to contact us any time. The stop-loss experts at Prodigy are always available to discuss options of how we can help mitigate risk and save money for self-insured employers.