As an employer with a self-funded healthcare plan, you understand that you can’t afford to take the health of your employees lightly. They are quite literally the lifeblood of your business. By now, you understand the ins and outs of the benefits of adding a layer of protection to your self-insured healthcare plan via stop-loss. If for some reason that’s not the case, you can read up here.
Self-Insurance and Health Analytics Go Hand in Hand
One of the most innovative and interesting emerging sectors of the healthcare industry is health analytics. Just like adopting self-insurance, adding healthcare analytics to your overall workplace healthcare approach can offer significant benefits. It can help you maximize what your employees get out of their benefits while using data and aggregated patient behavior to get the most out of the resource most valuable to you – your people. In fact, financial analysts predict that the health analytics market will become a $31 billion sector by 2022.
What Does Health Analytics Mean?
Health analytics means that health-related data is gathered and aggregated from your plan participants in four main areas: data related to cost of claims, data related to the R&D of pharmaceuticals, clinical data obtained from patient medical data, and behavioral data. The behavioral data is one that we will focus on here, but all are important.
How to Put Employee Behavior Data to Work
You’ve already stopped the layer of traditional insurance carriers away and are maximizing what you get out of your health coverage, so it makes sense to add health analytics. No, we don’t sell health analytics software, we just have an interest in providing our clients and website visitors with the best possible healthcare information they can find. Health analytics represents a fundamental shift in healthcare as a whole. Slowly fading away are the old models of reacting and treating. Rapidly coming into focus is the proactive way of ensuring employee health, thus reducing the number of claims, and saving employers money in the long run.
Healthcare analytics data allows employers to create unique programs that will help to mitigate risk. Not only does this greatly help manage chronic conditions, but it also can provide preventive care insights. For instance, cancer screenings might not always be followed through upon, and healthcare analytics software can alert employers of this – enabling them to engage with employees and develop a culture that is more conducive to timely screenings.
Health Analytics and Stop Loss
If you have any questions about whether stop-loss insurance is right for you, along with coupling it with your self-funded plan, don’t hesitate to ask the experts here at Prodigy. We don’t like seeing our clients waste a dime on anything unnecessary business-wise, especially when it comes to healthcare. If you are an essential employer or one who has work-from-home employees, we are happy to help you immediately. Feel free to give us a call at 877-447-7435 or drop us a line anytime.