In a previous blog post, we talked about the four dimensions of a powerful analytics solution, including reporting, dashboards, predictive and prescriptive analytics. At HealthComp, we actually offer technology, tools and advantages that deliver additional value, cost savings and enhanced outcomes for our clients. In this article, we’ll review the key differentiators that set our analytics solution apart from our competitors.
Advantage #1: Proprietary Tools
Our HCNavigator dashboard is a state-of-the-art solution that we designed and built entirely in-house. With more than 20 years of experience in the health benefits administration industry, we built a unique solution that spoke to the needs of our customers.
A key advantage to the HCNavigator dashboard is its proprietary nature. Since it was developed in-house, we retain complete control over the system and can customize it as needed. Unlike other TPAs which use off-the-shelf solutions that are difficult or even impossible to customize, we’re able to continually enhance our solution to meet the needs of the market and our customer base. For example, as the healthcare industry continues to shift due to new or changing regulations, clients often want to track new metrics. HealthComp has the power and flexibility to help our customers monitor a wide range of data points.
Because we developed our analytics suite with our unique customers in mind, it’s highly intuitive and user-friendly. We can set up data fields and dashboards specific to the needs of each employer’s plan, which is a huge advantage in tracking data and developing plan insights. We also continually listen to our customers and ask for their input, looking for ways we can improve our solution to meet their needs. Many other TPAs don’t have a proprietary system or the accompanying expertise to be this flexible.
Advantage #2: In-House Expertise
Our in-house staff includes over 25 information technology (IT) professionals. This team includes data engineers who can design custom dashboards, so customers can review data trends and identify opportunities to save costs and enhance their plan design. The wide breadth of expertise and experience available enables us to pair clients with experts in all aspects of benefits administration – from data analysis to plan design to claims management.
Advantage #3: Benchmarking Capabilities
Since HealthComp has more than 400 clients nationwide, our book of business provides data for industry benchmarking. For example, we recently designed and custom built a benchmarking project for one of our clients. It included very specific performance measures that compared how the company’s benefits were performing in comparison to similar plans. This project helped the company’s decision-makers to truly understand how their plan was performing relative to other companies. As part of this initiative, we helped them identify other strategies and additional opportunities for savings to further improve their results.
Amplifying Performance into the Future
An analytics solution has the power to harness your plan data and amplify performance year over year. HealthComp’s analytics solution delivers key differentiators that can help brokers and employer groups take a more effective approach to managing their benefits. In the end, our customers are well equipped to squeeze out additional value and savings from their benefits and plan design.
Justin Forton is the VP of Analytics & Insights of HealthComp. He has worked in the employee benefits industry for over 18 years.