As is the case with the need for updated processes and products in workplace healthcare in general, taking direction from data can also increase efficiencies in healthcare. As we’ve mentioned before, data is quickly becoming a big part of healthcare in general, and the same holds true for self-funded employers. The best big data companies are transparent and trustworthy, with customer service and tech departments working closely together. This method ensures that self-funded employers will get the best service from the big data software companies they use to help them influence important workplace healthcare decisions.
Balance is Key
Big data companies get a large amount of data from multiple sources, which require processing to be properly utilized by companies to help employers make better, more informed decisions about their workplace healthcare. Specific data about employees such as individual care needs, the likelihood of claims being filed, and medications they take are all specific data that can help increase efficiency in workplace healthcare. Just as self-funded workplace health plans are becoming more of the norm, so are data-driven decision-making in many industries – not just healthcare.
Defining Patient Population
As is the case with data-driven decision-making, it’s imperative to compile a list of data and organize that data for it to be worthwhile. With healthcare, that information is regarding patients, in this case, the patient population of a self-funded employer’s workers.
Measuring and Tracking Data
Once health-data is compiled and organized about workplace healthcare, the next step is measuring and tracking that data throughout a designated period. One of the main ways to measure and track workplace health data is to observe trends that take place among employees. These include behaviors after work, at-risk factors such as smoking, age, family history, and so on. Once this data is measured, meaningful observations are made based on the data to improve both the quality of employee benefits and the efficiency of the approach employers take towards their self-funded healthcare.
Once workplace healthcare data is compiled, organized, and analyzed to the benefit of employers, valuable insight can be gained. This insight is reviewed concerning healthcare industry standards, literature, science-based medical studies, and so on. These benchmarks provide direction with informed and useful data, so self-funded employers can avoid any potential mistakes that other employers might have made in the past.
Self-Funded Plans – the Future of Healthcare
As big data is becoming more of the future operations in many industries, more employers are coupling their self-funded plans with valuable data to make better decisions regarding their plans. Of course, a stop-loss plan will protect one of the most important aspects of your business, with a layer of protection against potentially catastrophic employee claims.
Data can also be used to tweak aspects of workplace healthcare to form a better self-funded plan that is tailor-made to serve in the interests of the employer. If you are in the market to add a stop-loss policy to your self-funded healthcare, Prodigy can help. We are available to help answer your questions and help you select the best stop-loss policy that is right for your business.