Three Steps to Controlling Your Costs with Data
Most places you look for information on healthcare and benefits information these days, you’re going to find discussions on data.
However, regardless of how much information you gain, questions may still linger regarding the what and the how and perhaps, most importantly, how you can actually see concrete benefits, including controlled and/or lowered costs. If controlled and/or lowered costs are what you’re looking for, keep reading for three steps to keep in mind as you delve into your data in order to reach your goal.
- Invest in your partners: If data, and the information you gather from accessing, reading and interpreting it, is important to you, then the company you work for to get the job done should be too. Don’t underestimate the value of investing in a partner that will go above and beyond in making sure the money you’re investing is put to good use and you’re able to access and understand the information you’re looking to gain.
- See data as actionable information: If you’re taking the time, and spending the money, to gain access to your data, consider the idea that the “data” is more meaningful when viewed as a place where actionable information resides. Look for partners that will translate your data into “Key Health Metrics” or information that you can make real decisions with based on your goals and benchmarks.
- Integrate your systems: Use the actionable information you have gained from your data to make informed decisions on the health and wellbeing of your employees – expanding programs to include areas like mental health and financial wellbeing. Data-driven benefits programs work best alongside health and wellbeing programs that are being driven by the same numbers and facts.
“Most people don’t realize what all that can be done with regular access to claims data,” Jim Pritchett, DHS Group CEO, said. “Better plan design, discovery of preventative initiatives, empowering your members to better manage their health, identify hard-dollar pharmacy savings, improve engagement, measure ROI… They’re all there.”
Data can make a difference. Are you ready to let it?
DHS Group is a partner that can help you, not only understand your data, but turn that understanding into actionable information that results in better population health and cost savings. To speak to a member of the team, click here.