Fully Insured? You Should Invest in Data Too
It’s not just self-insured companies that can find value in their health and wellness data, but fully-insured companies as well.
“It’s important to note why it’s even important to get this data,” Sirine Jazi, DHS Group Director of Client Engagement and Analytics, said. “Short answer is, even fully-insured companies want a healthy and productive workforce – that translates to productivity and bottom-line dollars.”
“Moving ahead, if the company is on a quick growth path, they may soon be on the path to a self-funded model [where the information gained from data is even more important]. In addition, a culture of health and wellness, a ‘my employer cares about my health’ perception from employees, can help in employee recruitment, retention and satisfaction and allow organizations to position themselves as a better place to work.”
As a fully-insured company, the first thing that comes to mind when it comes to accessing your health and wellness data may be, “Well, we can’t do that.” However, the truth is, that you can.
“Whether or not an employer is self-insured doesn’t change the fact that employers can play a vital role in healthcare” Jazi said. “The impact employers can have is immense – if they have the right strategy.”
What value can data bring to better the health and wellbeing strategy of fully-insured companies?
- Knowledge of Key Issues. Data gives you the information to know what is ailing your population and understanding the psychosocial implications and the impact on quality of life. With this information, you can then select to prioritize different health and wellness initiatives; maybe it’s mental health, obesity, diabetes or a combination of all three.
- Understanding of Disease Prevalence. Take for example, diabetes, with data, you can have a better understanding on things like the number of diabetics in your population, if that number is increasing and how it is impacting your employees – you can then adjust your wellness strategy and deploy the most relevant programs.
- Understanding of your Populations’ Risks and Health Status. With information on things like if your employees are getting everything from annual preventative doctor’s visits to if the number of hypertensive employees is growing, you can become better prepared to deal with the answers to these questions before they become a problem that translates to an unwell population and lost productivity.
- Improving Wellness Programming. With a wellness program already in place, data can back-up the information gained through programming to answer questions about whether or not the options you have in place are the resources that can best benefit your population. Do you need more behavioral health specialists? What about fitness trainers? Is your program having an impact?
“Anyone can put a wellness program into action,” Jazi said. “But you can’t create an effective culture of health and wellness unless you know what ails your population and work to target those issues. It starts with data.”