Why Should You Implement Analytics, Anyway?
It’s well-known that now, more than ever, progressive companies, ones that are employers of choice to both current and future employees, are employers that put a focus on offering health and wellness opportunities for their employees.
“Health and wellness opportunities” can mean a variety of things and include countless different programs and features, more and more, a focus on a company health plan’s healthcare analytics is becoming part of the equation.
“Many health plans are facing uncertainties … But one investment may help executives meet each of these challenges – an investment in analytics,” Deloitte stated in a recent survey.
Building a focus on an analytics strategy can seem overwhelming at first, but the positives once one is in place far outweighs the growing pains.
“As many early adopters of analytics begin to see tangible results (e.g., increased efficiencies, improved affordability/reduced medical costs, or enhanced customer engagement/experience), later adopters will likely need to catch up or they will be left behind,” Deloitte said.
Having a leadership committed to integrating analytics, putting analytics high on the company priority list and aligning strategies across health and wellness features are all recommendations from Deloitte when it comes to beginning an “analytics transformation.”
With those first steps in mind, what should you focus on as you begin to explore analytics programming? Our experts recommend the following:
- Analytics with an Ability to Measure Programs: To do their jobs correctly and benefit the organization as a whole, good analytics programs should be able to look at different health programs and see which ones are working and which ones need additional assistance.
- Analytics Independent from Vendors, TPA and Brokers: Information coming from third-parties can be difficult to understand; analytics programs that are independent and specific to the company using them allow for a focus on each company’s specific challenges, a better understanding of company facts and figures and a higher return on investment.
- Analytics with the Ability to Find Specific Problem Areas: Analytics that aren’t accompanied by additional information can be near useless; it’s important that the programs utilized can, at every level, comprehend, relate and resolve the complex relationships within health care data to find true answers to questions asked.
On board with analytics, but unsure where to start?
“Products like [DHS Group’s] Analyze make the analytics easy to understand and give recommendations that don’t overwhelm you with data – it’s information that can be used. Utilizing Analyze, for example, make way for an obvious next step: engagement.”
To learn more about DHS Group and Analyze, including how both can help your company get started on analytics implementation, click here.