Powerful Insights for Professional Employer Organizations
One of the biggest challenges facing today’s professional employer organizations is identifying and containing spiraling healthcare costs. More healthcare data is available than ever, and yet, data received from numerous sources often lacks meaningful insights or context. Most PEOs find it increasingly difficult to use this information to positively impact benefits costs and identify areas of high utilization. Analyzing disparate, often confusing data sources to identify insights that will reduce healthcare utilization of employer groups while improving health is not easy. The aid of a partner with expertise in uncovering clear and concise insights from premiums, medical, and pharmacy cost trends is more important than ever.
That partner is HCIQ and its HealthAnalytIQ platform. The powerful analytics built into our platform simplify reporting and extract meaning from group claims by identifying and predicting claims trends, and then further analyzing the contributing factors to those trends.
PEOs are empowered to quickly evaluate groups by risk category, and gain the ability to easily identify adverse trends. This allows for informed, timely management decisions up to 12 months faster than in the past and the ability to take preemptive, corrective action. HCIQ’s automated datamatIQ Data Management System completely eliminates manual spreadsheet entry and the inevitable element of human error that comes with such administrative work, dramatically increasing efficiency and accuracy. This powerful system is currently helping PEOs to:
- Quickly identify high-risk groups on the master health plan
- Proactively forecast claims costs and risk by group for the upcoming 12 months
- Realistically assess monthly trend data about a group risk score, cost, and utilization
- Accurately stratify employer groups by risk ahead of renewals
HCIQ’s HIPAA-compliant dashboards provide timely and actionable information about plan performance. Users gain access to the structured insights needed to drive long-term strategies, shape health plan design, and control costs. Detailed claims data is merged with premium data to provide previously unknown correlations between cost, utilization, and premiums. HCIQ’s consultants help customers turn this valuable data into an appropriate action plan for PEOs. Customers understand how each group is performing and how they are likely to perform in the coming year.