(BENEFITFOCUS Core & Advanced Analytics screen capture. Source: Benefitfocus.)
BenefitFocus (Charleston, S.C.) has announced the launch of BENEFITFOCUS Core & Advanced Analytics, a solution designed to give benefits administrators valuable insights into benefits programs’ performance and cost, as well as easily make changes to plans and add cost control programs.
BENEFITFOCUS Core & Advanced Analytics 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, according to a vendor statement. With the analysis that the solution enables, 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, Benefitfocus asserts.
“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,” comments Vickie Rice, data & analytics solutions manager, 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.”
As an example, Benefitfocus cites the ability to access employees’ historical claims data during policy evaluation and enrollment, which can help them to make informed decisions about their health plan options. Advanced Analytics can also enable employers to gain greater visibility into cost trends and triggers such as prescription utilization and chronic illnesses, the vendor notes.