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Innovations in Healthcare: How Software & Service Enhancements Support Brokers

BLOG | June 5, 2023


Healthcare is in the midst of some of the most dramatic changes in its history. As it evolves, innovative products and services are coming to market that support broker growth and outreach. According to a recent survey, 86% of broker respondents reported that their success depends on their ability to provide superior customer service and relationships, and software often holds the keys to this success.

Building trust as a strategic partner with healthcare providers, payers, and employees requires cutting-edge technology designed to uncover and solve client challenges. But as things continue to evolve, software providers must do everything they can to evolve their products and services to meet the challenges of the future.

The Only Constant is Change

Even the ancient Greek philosopher Heraclitus (back in 500 BC) knew that change is both inevitable and essential, when he observed that the only constant in life is change. As healthcare continues its rapid evolution toward a value-based care future, organizations that want to remain competitive must adopt an innovative strategy on all fronts. That includes brokers who are tasked with finding optimal solutions for cost-effective and competitive employee benefits.

The innovative process begins with a commitment to research and development, and continues with the study of industry trends and pioneering leaders, as well as a process to listen to and incorporate client feedback. Together, these ensure that products and services remain relevant and effective, and that software tools you are using help you stay ahead of the curve.

Innovation and Value-Based Care

Value-based care focuses on increasing care quality while keeping costs down. This approach encourages – or, perhaps more accurately, requires – innovation, to achieve the best possible health outcomes and facilitate open communication between various stakeholders with an interest in a patient’s overall health.

For employers, building a network of payers and providers who are committed to value-based care is a key step toward better and more affordable employee benefits. With that in place, employers enjoy a healthy and productive workforce and a competitive advantage.

As VBC programs grow in popularity, technology holds the key for brokers to succeed in this new frontier. But before you choose a broker solution, examine whether the software company excels in these five areas:

  • Focusing on the right quality measures. Quality metrics are at the heart of value-based care. Innovative VBC software must help care providers and partners identify appropriate clinical quality measures connected to long-term positive outcomes and evolve as new data and best practices come to light. Next, it must provide employers with tools to connect employees with the resources and care providers to achieve the desired quality outcomes. Finally, it requires extensive reporting capabilities to identify what is working and where companies should continue investing resources to realize the benefits for employee health and wellness.
  • Forging partners in care delivery. Your network of care partners plays a crucial role in promoting and adopting innovative employee benefit solutions. As healthcare becomes increasingly interconnected, brokers must be able to identify payers and providers who share a commitment to value-based care success, quality improvement, and cost reduction. Software that analyzes historical data for important trends and can predict future performance through innovative solutions like machine learning and artificial intelligence will become even more essential.
  • Uncovering valuable insights via data exchange. Success in value-based care requires open communication and data sharing across a broad network of payers, providers, and employers. When datasets are transparent and available in a clean, usable format, they reveal insights to ensure the best care at the lowest cost. Healthcare benefits software must facilitate data sharing across platforms – including EHRs, social determinants of health surveys, provider performance, payment systems, and more – using formats such as HL7 and FHIR that standardize and simplify the exchange.
  • Providing meaningful reports. The right analytics software will include near-real-time reporting capabilities to deliver crucial insights. Knowing what’s working and what’s not (as well as why it’s not working) are essential for employers tasked with making benefits decisions that have a significant impact on a company’s bottom line.
  • Investing in R&D and client feedback. Continuous innovation requires investment in research and development, and a robust process for soliciting and incorporating client feedback in future product releases.

As value-based care further aligns payment models with patient care priorities, brokers are increasingly responsible for finding solutions that align employee benefits with this VBC future. Decisions on employee benefits must move beyond just price point consideration to concentrate on delivering clear and consistent value while remaining flexible as innovations emerge.

Technology holds many of the keys to a successful path in this ever-changing marketplace. Cedar Gate’s innovative software is designed to help brokers and employers make the most of their benefits. Find out more about how our Healthcare Benefits Analytics (HBA) solution can help you.

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