If you work in the Talent or HR department at your organization, you know how important benefits plan design is for retaining and attracting talent. A recent survey found that employees who are satisfied with their benefits are 1.8x more likely to trust their employer’s leadership and 1.9x more likely to trust that their organization is on their side.
To improve the engagement, productivity, and happiness of employees, organizations must address the holistic health of the workforce. When employees are healthy, motivated, and supported, organizations thrive. Maintaining that balance, however, has become increasingly difficult. Companies across the United States are now facing the steepest increase in health benefit costs in 15 years.
Here are 4 reasons why it may be time to reinvent your approach to benefits plan design:
1. You need to see the whole picture.
To create a robust health benefits plan, companies need a unified view of claims, eligibility, plan design, and engagement data. Unfortunately, at many organizations the systems containing that data are fragmented. Creating a holistic view often requires time-consuming, manual work.
2. You want to deliver the experience employees need.
Without insight into the programs that employees are using, what they’re struggling with, and what they value, it’s impossible to design a benefits plan that aligns with the organization’s true needs. At the same time, it’s essential to identify and address high-cost healthcare drivers, without cutting corners or negatively impacting the employee and member experience.
3. It’s important to build a strong bridge with Finance.
Speaking the same language as the CFO helps the chief people officer (CPO) unify the organization’s talent and financial strategies. This rarely occurs, however. Since financial, clinical, and people data is usually siloed in different systems, Finance and Talent/HR don’t have access to the same insights.
4. You need to stay ahead of emerging risks.
Unless Talent/HR teams know that certain types of medical or pharmacy claims are expected to spike, it’s difficult to incorporate targeted interventions or provisions into the benefits plan. On the other hand, certain health benefits may be underutilized. Again, without this knowledge, benefits leaders don’t have the insights needed to cut back in certain areas and redeploy those funds elsewhere.
Claritev believes so much in the value of BenInsights® that our HR team used it to redesign our employee health benefits plan. With BenInsights, we were able to analyze claims data and identify key healthcare cost drivers. This enabled Claritev to invest resources strategically in the benefits programs and enhancements that really matter without increasing employee healthcare premiums. Employees can get more benefits at the same price.
If any of these scenarios resonate with you, Claritev’s BenInsights can help. This intelligence platform unifies data, turns insight into action, and enables Finance and Talent/HR to make smarter decisions faster together.
To learn more, contact us.
