Reporting and Analytics
Reporting and analytics is an important component of employee benefits consulting and typically includes various types of data related to your employee benefits programs. Benefits analytics can give employers information to help them budget, forecast, manage plan costs and have an impact on employees.
The two potential benefits of utilizing data analytics are (a) getting more information on how your plan is performing and (b) having Exude as a resource to interpret this information. We turn data into insights to drive decisions that control costs and the overall employee experience.
Benefits analytics applies to both fully insured and self-funded organizations. By using data at a high level, your organization also will have reliable information to minimize the impact on employees and their plan coverage.
Some of the Reporting and Analytics Insights Exude Provides
- Cost analysis: Employee benefits consulting may involve analyzing the cost of various benefits programs and comparing them to industry benchmarks. This can include analyzing the cost of health insurance plans, retirement plans, and other benefits programs.
- Utilization analysis: Consultants may analyze how employees are using various benefits programs and identify areas where utilization can be increased or optimized. This can include analyzing claims data for health insurance plans or participation rates for retirement plans.
- Compliance reporting: Employee benefits consulting may involve ensuring compliance with various laws and regulations related to benefits programs. This can include reporting on compliance with the Affordable Care Act (ACA), the Employee Retirement Income Security Act (ERISA), and other laws.
- Benchmarking: Consultants may use benchmarking data to compare a company’s benefits programs to those of its peers or industry standards. This can help identify areas where a company’s benefits programs may be falling behind or areas where improvements can be made.
- Employee feedback analysis: Employee benefits consulting may involve gathering feedback from employees on their satisfaction with various benefits programs. This feedback can be analyzed to identify areas where changes or improvements may be needed. We typically do this through an employee engagement survey annually to help drive decisions for the next plan year.
Employee Benefits Plan Performance Areas
When looking specifically at benefits reporting and analytics as it relates to plan performance, there are several areas we review to ensure your plans are operating effectively and efficiently. The below are reviewed on an ongoing basis with your employee benefits consultant:
Exude has an in-house underwriting team that leverages our long-term carrier relationships. These relationships are built on our outstanding reputation of in-depth financial analysis, transparency and integrity.
This enables us to have carrier negotiations based on merit and track record. Our carriers see what our clients see, which is: a thorough analysis of plans, claims data and trends, renewal forecasts, benchmark data, and researched market trends.
Because of this data, we are able to have very successful and efficient conversations instead of negotiations and quick concessions.
In addition, from a self-insured perspective, Exude partners with independent actuarial firms to deliver complex actuarial projections of future claims, IBNR (incurred but not recognized claims) calculations, and predictive modeling for all of our self-insured clients.
Exude utilizes its proprietary analytical software to forecast Fully Insured renewals. Our software is statistically valid and can forecasts renewals within +/- 5%. This tool allows us to recommend plan design changes that encourage proper health plan utilization and identify opportunities for changing funding arrangements.
Exude’s Self Funded data analytics tool consumes medical, Rx and eligibility data at a minimum while also allowing for the consumption of additional ancillary data sources.
We take and aggregate that data on a monthly basis to offer drill-down capabilities into your data on a wide variety of metrics such as medical and Rx claims, sources of care, gaps in care for both chronic conditions and preventive measures, and diagnosis groups.
We also offer reporting capabilities, cohort analysis, and actionable opportunity identification through our health intelligence technology. All of this can be viewed at an aggregate or an anonymized level.
All of this data provides information upon which we can design your medical, prescription and wellness plans to benefit your employee the most as well help to create cost containment measures that benefit your plan budget.
We will also assess your claims data and top health risks of your group and provide wellness/preventative/cost-containment strategies that address the employee needs.
In addition, Exude partners with Springbuk, a data analytics platform that utilizes population health management tools to provide health, prescription and wellness data to optimize the configuration and performance of your plan.
This health intelligence helps you maximize your most valuable asset—your people—by identifying opportunities to direct your resources for the highest impact. We will use this tool to identify opportunities to gain efficiencies through wellness programs, health plan designs, etc.
Your employee benefits consultant will review these reports with you on a monthly or quarterly basis (depending on your preference) to keep you informed of trends within your employee population. Our clients are always aware of how their plan is performing in comparison to expected costs.
Twice a year Exude provides a deep dive analysis of your plan utilization. Your consultant will present this highly customized report along with providing actionable insights.
For example, you can: see the historical claims volatility and make changes to your funding strategy; use claims data to make informed plan design changes that promote consumerism; implement necessary programs to mitigate high claimant costs and chronic conditions, and create an employee communication strategy around over-utilization of specific services.
Exude uses claims and utilization data to provide actionable recommendations to manage chronic conditions, such as the implementation of preventive care incentives; disease management and dialysis programs. We also use this information to identify and suggest programs to support clients in mitigating high claim costs. Examples of these recommendations include:
- Transplant Carve-outs
- Maternity Management
- Cancer Management Programs
Overall, our goal is to use your data analytics and benefits reporting to help your organization design and manage a benefits program that meets the needs of your employees while also being cost-effective and compliant with relevant laws and regulations.
Talk With An Employee Benefits Consultant
Your Employee Benefits strategy should fit your employer brand, align with your business goals and attract, retain and motivate your talent. Exude’s benefits consultants will use your benefits analytics to formulate an intentional employee benefits strategy that encompasses all components of total rewards and is aligned with your needs and budget.
Interested in assessing your employee benefits strategy?