For most executives, thinking about their company’s healthcare expenses is more troubling than nearly any other topic. The process of healthcare risk management is archaic and reactive at best. It tends to be an annual review of how money was spent tied to preparing for healthcare cost increases.
It seems strange we allow this to be the norm for this major cost center for most companies. We would simply not survive in business if we relied on the same level of insight to track and manage customer defection for example. If we simply hoped each year that our objectives for managing customer relationships worked, we’d be operating on a decades old approach and too slow to prevent the loss.
According to the 2017 Big Data Analytics Market Study, 53% of business leaders rely heavily on predictive analytics and real-time data to run their companies. Yet only a handful are using this best practice to manage their healthcare risks.
Why is that? In the past it has been a combination of three main reasons including:
- Lack of access to real-time claims data
- Lack of the clinical knowledge necessary to act upon the data
- Lack of engagement tactics to inspire employees to change health behaviors
What employers desperately need is the ability to see claims data presented in a meaningful way. Both individual and aggregated data provides an unprecedented level of insight into a company’s healthcare risks.
Let us show you how we’ve come up with a solution that overcomes these three roadblocks and is making it possible to have the future of healthcare today.