Employers with 500 or more employees and self fund their group health benefits now can participate in the “Big Data” revolution and bring new capabilities and immediate cost reduction strategies to their Self-Funded Health Plans.
Employers can reduce their medical spend immediately by leveraging data mining and analytics. Up to 10% of your medical spend is lost due to waste, abuse and fraud. Until recently, it was virtually impossible to identify and fix these problems.
To reduce costs and liability risks, employers must effectively manage the “5 Levers of Self Funded Management Control.” As a result of technology improvements, Plan Sponsors can dramatically reduce their cost, and Fiduciary liabilities.
Employer sponsored health plans have evolved significantly over the past few years, and employers have access to a myriad of tools and resources to assist them in managing risk, performance, and efficient utilization within their health plan.
Basic services such as claims payment, disease management, data analytics, etc. have become so complex and use terms that have become so nebulous in their meaning, that employers need to have a better grasp of the capabilities of each aspect of their plan. Additionally, they require a deeper understanding of the roles and responsibilities of each piece of their plan, and how those pieces come together to form a complete program.
With Health Care Reform as the catalyst, we will deeply explore each aspect of both a fully-insured and self-funded health plan. We will also discuss what high performing companies, vendors, and employers are doing, and what you should be asking of your partners.