One of the best parts of self-funding your health benefits is the control you’re afforded. You gain flexibility to choose what you want to offer employees. But where do you begin assessing what your population needs? And how do you get employees feeling more engaged with the benefits you’ve chosen? This is where the importance of data-driven decision making can transform your choices and your outcomes. We incorporated this approach into our newest offering, Meritain Health OnPoint Solutions. Read below to see how it works. Plus, learn how we’re breaking down complex data and using visual analytics to drive better results.
What is data-driven decision making?
Data-driven decision-making (DDDM) is defined as “using facts, metrics and data to guide strategic business decisions that align with your goals, objectives, and initiatives”1. This leads to faster, more informed decisions. And decisions like these can have big impacts on your company’s bottom line and overall success.
Unlocking data’s potential
But how does that relate specifically to your health plan? Let’s say many of your employees are in remote or rural areas. In this case, bumping up access to digital solutions might be a top priority. Or what if musculoskeletal claims are consistently running high? You might need something in your benefits package to help address this, but don’t know where to start.
Oftentimes, the answers to maximizing your plan are hiding in plain sight. You just need new ways to extract and analyze the data that’s in front of you. Doing so also means you can better support and engage your members.
Through Meritain Health OnPoint Solutions, we’ll help you look a few key areas:
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- Population demographics—because the makeup of every population is unique.
- Incurred claims data—to identify if you have specific risks or claims trends. If your data isn’t available, we can draw conclusions looking at key trends from across our 1.6 million members.
- Industry benchmarks—to see how you’re trending with what’s happening in the marketplace at large.
Narrowing in on point solutions
Can this data be valuable in assessing point solutions? Absolutely.
Seeing your data visually can help you start to see the bigger picture. Once you have this, you can focus your efforts on where you can make the biggest impacts. This can include areas like:
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- Improving overall access to care.
- Creating a better member experience.
- Addressing condition-based concerns.
The importance of data-driven decision making in choosing point solutions is also the key to driving savings. And it’s how you can influence employee behavior, moving the needle towards changes you want to see.
Want to learn more?
Contact your local Meritain Health® sales rep to find out more about our new program. Additionally, learn about the importance of data-driven decision making by seeing it in action.
Sources
1 https://www.tableau.com/learn/articles/data-driven-decision-making
