January 24, 2019
While not everyone looks forward to change, everyone appreciates the improvements and savings that can result from it. In HealthComp’s Change Management series, we’ll review worthwhile reasons for implementing a change and effective strategies for change management. We’ll also look at some common benefits changes being made today.
In Part 1 of this series, we’ll review some valid reasons for change and why employers have been compelled to move to HealthComp for benefits administration. In Part 2, we’ll discuss the best practices that we’ve developed to ensure that a change is implemented smoothly.
There are many reasons to improve your current benefits arrangement. Below is a summary of some worthy reasons we’ve seen in the market:
Reducing Total Health Plan Costs
There are a number of innovative programs available today that can improve your return on your investment. These programs may save costs by targeting at-risk member populations, offering services to engage members, or identifying savings opportunities by analyzing claims data.
As a benefits administrator, HealthComp has developed unique strategies to help employers contain costs. Our cost management approach emphasizes human intervention over auto-adjudication. We examine claims for coding errors, duplicate charges, and other opportunities for savings. We also conduct clinical post-claim reviews and look into whether members have other insurance coverage that can share in the cost of a claim. As part of our Payment Integrity program, HealthComp uses proprietary software to identify claims that are eligible for subrogation. For members with a chronic or serious illness, our Utilization Management program connects them with case managers who ensure that they receive the most appropriate care in a timely manner.
As a result of these cost containment practices, HealthComp is typically able to achieve 10-14% more savings than ASO contracts.
Improved Member Experience
Employees who have access to a more personalized member experience are more likely to take an active role in managing their benefits. This leads to not only happier, healthier employees, but often lower health costs for both the member and employer.
A number of services are now available to help members navigate healthcare. For example, HealthComp’s HCOnline platform acts as a centralized hub for members to access their Explanations of Benefits (EOBs), coverage information, and deductible status. We’ve also integrated it with other healthcare vendors to provide members with an experience that’s customized to their plan.
By giving employees the tools to engage with their benefits, we can encourage them to take a more proactive approach to healthcare and lower costs along the way.
Improved HR Manager Experience
HR managers may be convinced to make a change if it streamlines the benefits administration process. Switching to a benefits administrator with a more robust member experience can lessen the burden placed on HR departments to assist employees with their benefits questions. For example, instead of calling their HR department, employees can call HealthComp’s customer service line and be connected with a Benefits Assistant who is trained in their plan and can answer their questions in detail.
HR managers are often seeking more transparency into how their health plan is performing. There are many analytics and reporting tools available today, but not all of them are created equal. Being able to access real-time data, identify potential high-cost claimants, compare employee populations with national standards, and forecast outcomes can significantly improve how well an employer manages their healthcare spend. These are all capabilities available through HealthComp’s analytics toolkit.
Savings opportunities, an improved member experience, and streamlined benefits administration for HR managers are all compelling reasons to introduce a change, and are all reasons that employers have moved to HealthComp. In Part 2 of our Change Management series, we’ll review the best practices that we’ve developed to make these transitions as seamless as possible, so employees and employers can reap the rewards with minimal disruption.