In medical benchmarking, the ongoing metrics shared with clients to keep them informed can vary based on the specific focus of the benchmarking initiative (e.g., clinical outcomes, operational efficiency, patient satisfaction). However, the following are some common categories of metrics that are typically tracked and reported to clients: Benchmarking
Client Meetings Yes, we absolutely encourage in-person meetings when necessary. Within the employee benefits space, there are so many moving pieces that sometimes sitting down for a strategic discussion provides significant value. That being said, we don't believe every meeting needs to be conducted in person. We have the tools and capabilities to connect with all of our clients, whether virtually or in person. Benchmark Data Our benchmarking approach combines data from our in-house clients, who voluntarily provide information about their health plans, with a variety of national benchmarking data. The health analytics platform we utilize also provides robust benchmarking in real time. We place a strong emphasis on national benchmarking studies, as this enables us to offer more comprehensive and detailed metrics to our clients across the country. Benchmark Timing Benchmarking can be provided on either a quarterly or annual basis. However, depending on the metrics being evaluated, it is often more meaningful to review certain items annually, as those metrics are typically updated on an annual basis. While
Benchmarking Metrix
Cost Trends
Analyze the cost of premiums and out of pocket expenses. Compare costs to similar sized employer groups Quarterly or Annually
Cost per Employee
Track total cost per employee Contribution arrangements HSA funding Quarterly or Annually
Enrollment/Participation Trends Enrollments by plan and benefit Monthly or Quarterly
Claims Data
Compare Medical and Rx claims month to month Overall spend and the split between Medical/Pharmacy Monthly, Quarterly and Annually
quarterly data can be useful, the full value of some benchmarks is realized with an annual review.
Health & Wellness Programs
Review Gaps in Care, Preventive Care, Chronic Disease Management Quarterly
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