Charleston, S.C. – April 6, 2015 – Employee benefits are a top budget item for many companies, and with five percent of an employee population driving 50 percent of a company’s healthcare spend on average, understanding the data behind those costs and how to control them is critical. Benefitfocus, Inc. (NASDAQ: BNFT) recently launched BENEFITFOCUS® Core & Advanced Analytics to put benefits administrators back in the budget driver’s seat by providing valuable insights into benefits program performance and costs.
Big data is big, but it’s only as powerful as the analytics that can convert it into actionable data. The new analytics solution aggregates complex data from disparate sources – such as claims from multiple benefit providers, biometric screening statistics and budget data from finance systems – into a single, intelligent platform. Armed with data analytics, employers can confirm or change plan designs quickly and easily using integrated plan modeling and incorporating predictive cost control programs such as wellness, disease management and onsite clinics.
“A lot of benefit administrators are making decisions based on national averages and industry trends because they don’t have access to the facts about their health plan,” said Vickie Rice, data & analytics solutions manager for Benefitfocus. “Data analytics is driving a technology revolution across the benefits industry and empowering meaningful change in a climate of increased demand for healthcare transparency and efficiency.”
For example, providing employees’ historical claims data during policy evaluation and enrollment can help them make informed decisions about their health plan options. Or, using Advanced Analytics, employers gain visibility into cost trends and triggers such as prescription utilization and chronic illnesses.
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