Data and Analytics
Data analytics can give employers information to help them budget, forecast, control costs and have an impact on employees and/or cost of their plan. There are two potential benefits:
- Getting information
- Having Exude as a resource to help interpret theinformation. We turn it into insights to drive decisions that control costs and improve employee experience.
Once you have all of the data, the next step is to introduce programs that have an impact (eg. experience disease management, clinical care programs) or programs to control costs (direct contracting, kidney transplant programs).
Data analytics applies to both fully insured and self-funded organizations. By using data at a high level, organizations will have reliable information to budget, forecast, control costs while minimizing impact to employees and their plan coverage.
Underwriting & Negotiations
Exude has an in-house underwriting team that leverages our long-term carrier relationships. These relationships are built on our outstanding reputation of in-depth financial analysis, transparency and integrity. This enables us to have carrier negotiations based on merit and track record. Our carriers see what our clients see, which is: thorough analysis of plans, claims data and trends, renewal forecasts, benchmark data and researched market trends. This enables very successful and efficient conversations instead of negotiations and quick concessions.
In addition, from a self-insured perspective, Exude partners with independent actuarial firms to deliver complex actuarial projections of future claims, IBNR (incurred but not recognized claims) calculations, and predictive modeling for all of our self-insured clients.
Exude utilizes its proprietary analytical software, Benefits Blueprint™ to forecast Fully Insured renewals. Our software is statistically valid and can forecasts renewals within +/- 5%. This tool allows us to recommend plan design changes that encourage proper health plan utilization and identify opportunities for changing funding arrangements
Exude’s Self Funded data analytics tool consumes medical, Rx and eligibility data at a minimum while also allowing for the consumption of additional ancillary data sources. We take and aggregate that data on a monthly basis to offer drill-down capabilities into your data on a wide variety of metrics such as medical and Rx claims, sources of care, gaps in care for both chronic conditions and preventive measures, diagnosis groups. We also offer reporting capabilities, cohort analysis, and actionable opportunity identification through our health intelligence technology. All of this can be viewed at an aggregate or an anonymized level. All of this data provides information upon which we can design your medical, prescription and wellness plans to benefit your employee the most as well help to create cost containment measures that benefit your plan budget.
Claims & Utilization Analysis
We will also assess your claims data and top health risks of your group and provide wellness/preventative/cost-containment strategies that address the employee needs. In addition, Exude partners with Springbuk, a data analytics platform that utilizes population health management tools to provide health, prescription and wellness data to optimize the configuration and performance of your plan. This health intelligence helps you maximize your most valuable asset—your people—by identifying opportunities to direct your resources for the highest impact. We will use this tool to identify opportunities to gain efficiencies through wellness programs, health plan designs, etc. Your Exude Consultant will review these reports with you on a monthly or quarterly basis (depending on your preference) to keep you informed of trends within your employee population. Our clients are always aware of how their plan is performing in comparison to expected costs.
Twice a year Exude provides a deep dive analysis of your plan utilization. Your consultant will present this highly customized report along with providing actionable insights. For example, you can: see the historical claims volatility and make changes to your funding strategy; use claims data to make informed plan design changes that promote consumerism; implement necessary programs to mitigate high claimant costs and chronic conditions, and create an employee communication strategy around over-utilization of specific services.
Case Management & Disease Management Programs
Exude uses claims and utilization data to provide actionable recommendations to manage chronic conditions, such as the implementation of preventive care incentives; disease management and dialysis programs. We also use this information to identify and suggest programs to support clients in mitigating high claim costs. Examples of these recommendations include:
- Transplant Carve-outs
- Maternity Management
- Cancer Management Programs
See How We've Helped Organizations Like Yours
Employee Performance: Finding & Implementing a System
Learn more about how Exude was able to transform one client’s performance management system and ease their HR processes.
Mitigating Risk and Improving HR policies
Our holistic approach saved the client time, money and resources during a period of rapid growth.
Using Healthcare Insights to Manage Workers Comp
Reduced RX/Medical utilization by 15% and workers compensation by 10%
Your Employee Benefits strategy should fit your employer brand, align with your business goals and attract, retain and motivate your talent. Exude’s benefits consultants will formulate an intentional employee benefits strategy that encompasses all components of total rewards and is aligned with your needs and budget.
Interested in assessing your employee benefits strategy?