Do You Know What’s Driving Your Costs?
What's driving your costs? Without a way to monitor and measure the data within your benefits program, you can be left unaware and uninformed. Similar to planning a road trip without mapping where to get gas. You know where you're going, but you could be missing crucial information to get you there. A data-driven benefits program can not only help you achieve your benefits goals but create cost-saving opportunities that can improve the quality of your current plan.
Businesses are constantly changing. From economic shifts and technology developments to company growth and employee turnover. Changes like these can have an effect on business culture and workforce, and as with any business change, your employee benefits should be updated appropriately. Not only to keep costs down but to stay up to date with current benefit trends and workforce demand.
In fact, a LinkedIn article shares “When employees feel cared about at work, they’re 3.2 times more likely to be happy at their job and 3.7 times more likely to recommend their company as a place to work.” By evaluating your plan frequently throughout the year you are better able to design and implement changes that can truly give your people the benefits they need— sooner.
A KEY STRATEGY
Access to measurable, accurate data can also show you what is driving your costs. Premiums that continue to climb year after year should be addressed. For example, we had a business reach out recently that experienced a significant premium increase. After analyzing their plan’s data we were able to establish a vendor that was driving the cost. After some discussion and strategic planning the vendor was removed and a new strategy was implemented. This greatly lessened their costs.
Any business that is not discussing their claims data with their consultant is missing a key strategy for their benefits programs. Frequent evaluation of your plan’s data can help you proactively address problems and enhance your program's performance. Whether that means redesigning your benefits program to support your culture and people or making a small adjustment to comply with a new rule or regulation.
If you are not on a plan that provides access to data, discuss the need with your consultant. Options should be offered. If your consultant tells you they cannot give you the data, seek a second opinion. Your employee benefits are a sizable investment and just like any investment, you need to see the numbers. Your consultant or broker should be able to gather some valuable data. Regardless of your group size.
WHAT YOU WILL GAIN
Whether you’re developing long-term strategies or setting short-term goals, knowing how your benefit program is performing — from a measurable source — is essential. Don’t let the opportunity to take a deep dive into your benefits program be denied. Ask your consultant to provide insights into your plan so together you can develop a one, three, and five-year strategy that can put your business in a great position.
If you want to know more about evidence-based benefits and the data within your plan, let’s chat.