Providing competitive and effective health benefits is a strategic imperative, as benefits can represent up to 30% of an employee's total cost to the organization.
The complexity of modern health benefits demands a data-driven approach to ensure employees are getting high value benefits and employers are able to manage and mitigate risk.1
Unlocking the Power of Benefits Data
Analyzing historical claims data, employee demographics, and regional cost variations can help companies determine the optimal funding model and tailor plans to specific company needs.
Benefits data is a goldmine of information, offering valuable insights into employee health patterns, utilization trends, and cost drivers. By leveraging this data, companies can:
- Identify high-cost conditions and target interventions
- Evaluate the effectiveness of existing wellness programs
- Select the best networks
- Stabilize future cost and utilization trends
- Optimize plan design for value
Data-Driven Insight: Employers that effectively use data to manage health benefits can achieve significant cost savings and improve employee health outcomes. 2,3
High-growth startups, in particular, face unique challenges when designing health benefits. Their rapid expansion, fluctuating employee demographics, and limited resources require a flexible and scalable approach.
Data-Driven Insight: Startups can leverage data to anticipate future growth and adjust their benefits strategy accordingly.
Now what?
The biggest challenge with benefits data is understanding the highest value translation from data to action that produces results. To date, there has been a gap in the market, leaving brokerages without the ability to fully unlock the power of this data. Sounder’s Benefits Intelligence platform is designed for this reason to help people leaders sift through this data in ways that are easily understood, actionable, and produces results.
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