Unlock the Power of Your Claims Data with These 5 Tips
Stay compliant and save money by utilizing 100% of your claims data.
Did you know that you can save money on your self-insured health plan by using all of your claims data? That’s right, by analyzing your claims data, you can identify areas where you can drastically reduce costs. For example, you can identify high-cost providers or services and find ways to encourage your employees to use preventive care. Exercise power in your business by having independent financial oversight of all healthcare spending. To get started, here are a few tips for using your claims data to save money and stay compliant:
Analyze your claims data regularly. The more you analyze your data, the sooner you’ll be able to identify trends and areas where you can save money.
Look for patterns in your claims data. Are there certain providers or services that are costing you more than others? Once you identify these trends, you can take steps to reduce costs.
Encourage your employees to use preventive care. Preventive care can help keep your employees healthy, which can lead to lower health care costs in the long run. With clarity into your data, you can see the cost savings from preventive care programs like never before.
Offer incentives for healthy behavior. You can offer incentives to your employees for healthy behavior, such as smoking cessation or weight loss programs. With regularly analyzing 100% of your claims data, you can track the results of these programs and incentives.
Use data to be compliant with the Consolidated Appropriations Act, 2021. By understanding the CAA, employers can protect their employees and their bottom line. Compliance is power and this significant piece of legislation is a positive development for self-insured employers:
The CAA requires employers to act prudently and in the best interests of employees. This means that employers must carefully consider all of the factors involved in making decisions about their health plans, such as cost, quality, and access to care. You cannot make informed decisions regarding this without 100% of your claims data.
There’s a need for increased transparency. The CAA also requires self-insured employers to provide more transparency to their employees about their health plan. Having 100% of your claims data to analyze and report on is a must.
New fiduciary responsibilities place a greater burden on employers to ensure that their health plans are providing value to their employees. Employers will need a solution to analyze all of their data and ensure value is being delivered to their members.
Make informed decisions that will lead to better health outcomes and lower costs for both employees and employers.
Regularly monitoring data will help employers keep their health plans affordable, competitive, and in compliance with the CAA.
By using 100% of your claims data, you can save money on your self-insured health plan, improve the health of your employees, and ensure compliance with the CAA.
If you’re interested in learning more about how to cut costs and remain compliant, contact us today. We’d be happy to confirm if you have clarity into 100% of your claims data and are currently in compliance with the CAA.