Leveraging Benchmarks to Determine Optimal Benefits Plan Design

The Central Problem:

Heightened Healthcare Costs and Utilization

Employers are searching for ways to control rising healthcare costs without sacrificing care quality. In a recent Centivo poll, nearly 75% of employees are willing to trade how they access care to realize annual healthcare savings. This is where benchmarking becomes most relevant, serving as a cost and quality reference tool to help identify high-performing provider networks, optimal treatment, and efficient locations of care. This information can help determine plan design incentives and “trade-offs” that are mutually acceptable to curb year-over-year cost increases and promote improved quality.

The Solution:

Cedar Gate’s Healthcare Benefits Analytics (HBA)

Healthcare Benefits Analytics is a member-focused benefits analytics tool that can help employers optimize the performance of their benefits plans. Main benefits and features include:

• Establishing a Baseline for Cost and Utilization Outcomes: HBA can help set a baseline standard for cost and utilization goals by leveraging a proprietary reference database of over 12 million members.
• Self-Service Plan Design and Reporting: Unlike other analytics tools, HBA is built for self-service usage, design, and automated reporting, minimizing the need for third-party support and system integrators.
• Cloud-Based Tools: HBA’s cloud-based tools utilize cleansed and enriched data from our enterprise data management system, allowing providers and payers to centralize their book of business in one location.
• Identifying Savings Recommendations and Generating Visual Dashboards: HBA can identify savings recommendations and deliver user-friendly dashboards that more easily communicate insights and key points.
• Real-Time Queries: Providers and payers can run real-time queries to compare health plan performance against benchmarks, based on our proprietary member population data set.

You don’t need to be an IT genius or hire a bunch of consultants to get started. HBA is built for self-service plan design and reporting, so you can easily access and visualize the data you need to make informed decisions. It offers a critical solution to mitigate healthcare costs and utilization, helping employers navigate the complex world of healthcare benefits and deliver the best care to employees.

Have any questions? Connect with us today to learn more about HBA and how it can augment your healthcare operations, preparing you for a future of value-based care.