An effective health plan starts with good plan design. In our latest webinar, we talked with Kevin Schlotman, Flume’s Chief Client Officer, about how employers can use data to make informed decisions about their health plan.
Here are a few key takeaways from our conversation. You can watch the full recording above.
As you’re analyzing plan data, look for opportunities to create immediate savings. A common example is high cost medications. By doing things like shopping around for these medications or taking advantage of Manufacturer’s Assistance Programs (MAPs), the plan may be able to substantially reduce costs right off the bat.
Not every group will have access to this information, but the more you can learn about what sort of facilities members are going to, the better. If there’s a pattern of members going to urgent care for issues that can be handled using telemedicine, or of members having surgery at the hospital when it could be done at an outpatient facility, then there’s probably room for improvement in how members are using their plan.
For example, does your group have several members with diabetes? Incorporating a diabetes management solution into your plan may be a good idea. Effectively designing a health plan isn’t just about choosing networks and deductibles. Try to identify specific areas that are driving high costs, and bring in solutions to address them.
After you’ve designed and implemented your new health plan, watch how it performs and look for areas for improvement. At Flume, we give clients and their advisors continuous access to plan data, and we provide quarterly reports after the first six months. This isn’t just about looking for ways to improve the plan itself. If members aren’t using the plan how you’d like them too, then it may be time to adjust your member communications.
Good plan design is a critical part of running a successful health plan. By taking the time to analyze your plan data, you can put yourself in a position to make informed decisions and begin to really move the needle on both health outcomes and savings. For a more in-depth discussion of how to make data-driven decisions about your health plan, watch the full webinar recording above.
Grant Parker (Flume Health) speaks with Bryan Bickely (Scott Insurance) about the amazing results of unbundled, independent plan design
In the final installment of our recurring series on healthcare arbitrage, we round up a few other tactics which don't require as much ongoing involvement, but which can still provide important savings opportunities.