Understand Your "Benefits Story" and Implement Programs to Enhance Health / Lower Costs |
Year after year, the high-tech client quoted above relied on the reporting of their health carrier and national broker. They were frustrated with the inability to understand cost drivers and lack of a roadmap to improve health and lower costs. They recently partnered with Lockton as their Health & Welfare consultant. After importing historical data, using current statistics and running our Analytics programs, Behavioral Health and Family Building were identified as two key areas of opportunity for improvement and focus
For Behavioral Health, their goals of reducing stigma, expanding access, and helping to manage employee costs, were achieved by an enhanced programs with their current partner, adding a new service provider and plan design changes. Regarding Family Building, we implemented a new vendor focused on DEI initiatives, Maternity/Parenting, Fertility, Adoption/Surrogacy and Male reproductive health. With these changes, employee satisfaction rates have increased and employer costs are projected to decrease by more than 14%. |
Our Cloud Health Platform Unlocks Digital Value |
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“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” Geoffrey Moore, management consultant and author of Crossing the Chasm |
.Does your company uses big data, AI and analytics to manage the business and make decisions? Of course you do. How are you using big data, AI and analytics regarding employee benefits surrounding what is likely one of the highest recurring costs in your business? Could you apply the same strategies that Netflix, Amazon, Apple and others global companies use to drive business value? The answer is yes.
Business leaders leverage data and analytics to run their businesses better. At Lockton, we help clients measure, manage and reduce the ever-increasing costs of healthcare. Seemingly “untouchable” influences, such as skyrocketing hospital costs, chronic diseases and expensive prescription drugs could lead someone to believe the situation can only continue unabated. What is the solution? Understand your data and build programs to manage and reduce costs. Then, engage employees in actively managing their own health. Where do you begin? Start to get data from carriers or other suppliers and host it in the cloud. Use AI, health dashboards, reporting and consulting to help visualize claims and utilization trends. Compare these to your strategic benefit goals as part of a benchmarking process. Can Lockton clients use their own data to create meaningful change with employees? Yes Is Lockton able to clearly understand the specific populations and behaviors that are driving your costs? Absolutely. Can we confidently direct risk management and health promotion tactics to specific cost-trend challenges? Without a doubt. Lockton makes significant investments in technology and clinical expertise to help clients fully mine understand their healthcare data. We reveal specific cost drivers and model the effects of various strategies on changing those trends. Using our Lockton-developed cloud platform and reporting tools, we can…
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