Most human resources departments today know that by better segmenting their employees, they can measure what’s working with their benefits offerings and improve what’s not. But while there’s no shortage of data available, it can be difficult for employers to discern which findings are most actionable and worthy of attention.
That’s why MEDSURETY provides a customizable analytics platform—the Employer Dashboard, now available for all MEDSURETY clients. The dashboard provides numerous highly visual insights into things like how much employees contribute to health accounts, where they’re spending their healthcare funds and exactly how they’re engaging with the healthcare tools offered. By leveraging comparative averages and median benchmarks, the dashboard will also offer companies the opportunity to see how they and their employees stack up against other “like-me” companies in the market. This type of comparative data will prove essential to those employers who want to get a leg up on competitors and to better recruit, support and retain their employees.
Arguably, the most meaningful metric that the new platform introduces is the Health Financial Viability Index, a first-of-its-kind assessment that speaks volumes to an employer about an employee’s ability to pay for any out-of-pocket expenses at any given time. Based on contributions and disbursements since the beginning of the calendar year, values range from 0 to 100, with higher scores reflecting a greater capacity to pay. The value is derived by factoring HSA contributions and disbursements for a given account since the beginning of calendar year, including velocity of contribution, spending and existing balances, where applicable. Think of it as an employee “health score,” similar to consumer credit scores.
If scores are consistently low, employers should look closely at their benefits strategy, benefits communication plan and/or at the ways they are empowering employees to make better, informed healthcare decisions. By focusing on raising their health financial viability scores, employers will be able to differentiate themselves from competitors and to better control healthcare costs.
Each year, HR leaders and benefits professionals search for ways to save money and control healthcare costs. At MEDSURETY, we offer a user-friendly Employer Dashboard that taps into rich data sources, giving employer benefits professionals insight about employees’ spending and saving habits, so you can make better informed decisions.
What Insights can our Dashboard Provide?
- Plan enrollment and participation by type
- Consumer health saving and spending habits
- Consumer utilization and engagement
- Disbursements, claims and other financial data
- Organizational efficiency
- Benchmark comparisons with other “like me” employers
Engaged Employees are Empowered Employees.
The Consumer Engagement Index shows how involved employees are with their accounts and plans based on their usage of tools like the mobile app.
As consumers take on more cost sharing responsibility, employers can assist their employees in making good choices in the plans they select and their usage. The Health Financial Viability Index measures employees’ abilities to pay for out-of-pocket expenses at a given time.
The Account and Plan Benefit chart measures the company’s benefit growth per employee as measured through employer supported and ad hoc contributions compared to other “like” employer groups.
Employers gain visibility into how employees are spending their CDH dollars, so you can select plans that best fit the needs of your employees. Spotting patterns and trends in usage can help inform wellness benefits and education initiatives.
CONTENT MATTERS: When it comes to healthcare spending, every organization wants to know how they measure up. Nearly every chart in the Employer Dashboard compares company performance with other “like” organizations, providing a visual comparison relative to other employers.
Making Data Make Cents
Employers are hungry for insight – 83% of HR practitioners say using advanced analytics to understand how employees use healthcare services is the only way to lower costs and improve financial results.¹ The Employer Dashboard can help you make sense of data and provide a clear picture of consumer plan engagement and health plan costs.
MEDSURETY EMPLOYER DASHBOARD: INSIGHTS THAT ADD UP TO RESULTS!