Making a Difference with Benefits Data
Arthur Conan Doyle, author of Sherlock Holmes, said, “It is a capital mistake to theorize before one has data.” While we can assume that Mr. Doyle didn’t specifically have benefits data in mind, his quote rings true when it comes to the importance of using data when dealing with decisions related to employee benefits and related topics.
Maybe you have your doubts… But here’s what data brings to the table.
1. Data gives you a reason. Before you add or subtract something from your benefits program, there should be a reason behind it – data gives you that opportunity.
2. Data shows you what to do. Data not only gives you a reason to do something, it tells you exactly where that reason is – a starting point for any decision you make going forward. For example, with data, you can receive a report that shows that you have a lot of employees dealing with chronic conditions that are causing a lot of high-cost claims that are affecting your bottom line. With that information in hand, you can make the appropriate changes.
3. Data makes a difference. Over and over again, data proves itself a key part of successful benefits programs. The information data brings to the table gives companies the opportunity to focus on things like preventative care – a decision that can help reduce healthcare and benefits costs – and more.
“Our ability to do great things with data will make a real difference in every aspect of our lives,” Jennifer Pahlka, Founder and Executive Director of Code for America, said.
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