Transparency is about making things easy to understand. For many, the U.S. healthcare system is anything but easy to understand. From high costs to a lack of care continuity, navigating the system can be tricky.
The idea of “healthcare transparency” has been floated in recent years as a potential solution to the confusion. The thought is that making information about healthcare costs and treatment outcomes more accessible will help stakeholders, such as members and employers, make smarter healthcare decisions.
But achieving healthcare transparency is no simple feat. The lack of standardization in data reporting continues to be an obstacle to delivering healthcare transparency. Despite efforts to make information easier to access, many stakeholders are still in the dark over the true costs of healthcare.
Imagine if you could take a magnifying glass to your organization’s health plan data. With analytics, we have the power to understand what factors are driving your healthcare costs and help you design a benefits strategy that focuses on the specific needs of your members.
If your health plan is seeing an unexpected increase in musculoskeletal-related claims, for example, your organization could introduce virtual tools for physical therapy or educate your population on the value of evidence-based, cost-effective alternatives to orthopedic surgery.
Looking at healthcare data also allows us to flag potential concerns, such as members who are at risk of developing chronic conditions like diabetes. In the U.S., diagnosed diabetes costs nearly $413 billion annually, including $306.6 billion in direct medical costs and $106.3 billion in indirect costs attributable to the disease, according to the American Diabetes Association.
Receiving a diabetes diagnosis can be life-altering for members, dramatically affecting their quality of life.
By detecting at-risk members in the early stages, your organization can deploy interventions to help slow or prevent the onset of some chronic conditions. Oftentimes, these treatments are less expensive and more effective than the ones that would be introduced at later stages of illness.
For many conditions, early diagnosis plays a huge role in controlling healthcare costs. The mean cost for most major cancers is 20-30% lower with an early diagnosis than a late-stage diagnosis, according to the American Cancer Society.
Early diagnosis can also lead to better health outcomes. The American Cancer Society estimates that 4.5 million cancer deaths have been prevented since 1991 as a result of improvements in early detection and treatment and a reduction in smoking.
Analytics allows us to address potential risks before they wreak havoc on your organization’s bottom line, helping you make strategic decisions that prepare you for the future.
Our team of knowledgeable benefits advisors analyzes claims and clinical data to give employers a comprehensive view of their health plans. Gaining access to data and understanding the analytics behind your healthcare and claims are the first steps toward transparency. Leveraging data can give you a clearer picture of the risks associated with your health plan, allowing you to make strategic decisions that lead to better health outcomes and long-term cost savings.
Having a deeper understanding of what’s happening on your health plan can empower you to optimize treatment sequencing, avoid unnecessary procedures and reduce healthcare spending.
Transparency can be difficult to come by in healthcare. Working with a benefits advisor who recognizes the importance of analytics can remove the cloudiness surrounding your health plan, enabling you to take better control of your costs.
