By Bill Frack, Chief Product Officer
Another benefit renewal season is almost complete, and many employers have been told that – barring action – their second largest fixed expense will be increasing by 7%+.
The actuaries are expecting inflation to flow through healthcare expenses on a lagged basis as contracts catch up with underlying costs.
Employers are finding it increasingly difficult, indeed undesirable, to continue to shift costs to their employees. Total compensation matters, especially in today’s labor environment.
More and more employers are looking to proactively manage their health plans.
How can you manage, if you don’t have confidence in the
… impact of potential actions you want to take?
… value of your existing programs?
… potential value from improving your existing programs?
Answer: Control your data. But don’t just stick it in a warehouse, with static prespecified reports! Put it in a management platform that gives you operating control.
Then celebrate the win – for your company and your employees.
Do you have a picture of your health plan budget, like the figure below? If so, how do you know whether it is accurate?