Blog

Just the Facts: How Data Helps Us Help Clients

 
Cheryl-Duane.jpgBy Cheryl Duane, Senior Director of Analytics for CoreSource

On a fundamental level, data and analytics are the tools we use for storytelling. Reporting in data and reporting in journalism are fundamentally the same: we figure out what are the important elements of the story, we double-check the facts, and we deliver valuable information to our audience in a useful format. At CoreSource, we have decades of experience in parsing out data in order to deliver useful, actionable analysis to our clients and make solid recommendations for how they can improve the return on their investment in employee benefits.
 

Our Analytics Help Clients

In helping employers reach their specific business goals, we rely on accurate data and reporting to tell us, and the client, if what we are doing is working or not. As a third party benefits administrator, we offer much greater data transparency to our clients. And, unlike many of the large carriers in the industry who, are protective of sharing detailed data, we empower our clients to make the most informed decisions possible regarding employee benefits. Through benefit modeling, we can walk the client through the possible impact of specific plan changes. We can compare trends in their own population to aggregate data from our entire pool of clients and members, and to national benchmarks. For example, we can look at network utilization rates and make recommendations for ways to mitigate out-of-network costs.
 
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We can also use analytic tools to predict if the client will benefit from adding options such as telemedicine or cost and quality transparency tools. We share insights and empower clients with actionable information—drawn from medical, pharmacy, clinical, and lifestyle data—to help our clients save on costs while improving member health whenever and wherever possible.

Through our reports and analyses, we not only inform our audience of performance trends, we also provide actionable intelligence that can be used by clients, brokers, vendor partners and our internal customers to make informed decisions regarding the effectiveness of the services we provide. Being able to dissect a client’s data to determine the best overall solution for a client is exciting. We can address each client’s unique needs by combining cost effective plan design solutions with easy access to a variety of provider networks and delivery models and programs that encourage informed member choices.


Data Matters

At CoreSource, we take a holistic approach to diving into the data. We look for trends, for opportunities where we can support populations and improve overall health. For example, while researching steadily increasing claim costs for a client, my team once discovered that the trend was largely due to an increase in cancer treatments. By looking into the data, we were able to zero in on one segment of the population working at one location, and the client was then able to investigate to find possible causes and make changes to protect the population. Fortunately, a scenario like this is rare, but it shows the power of using data to discover what is driving high claim costs and identify opportunities to implement programs geared toward improving the health of a specific population.
 
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Data does not always tell us what action to take, but it arms us so we can determine which way to investigate further. Moreover, as we continue to identify additional opportunities to use data, we also seek out new and better tools to help us improve our ability to deliver better, more valuable analysis for all our stakeholders.

Use the contact form below to find out more about how CoreSource can help you and your business through better data, reporting, and more.

 

 

Posted on July 15, 2019 in Cost & Risk Management Data and Reporting Products & Solutions

Now Playing: CoreSource Videos

Communicating important messages to clients and members is vital. Our videos are one way that we make it easier. Visit our video page to find new tools to help you engage and communicate with audiences of all kinds, and let us know what topics you’d like to see us cover in the future.

Posted on June 27, 2019

Three Tips to Reduce Readmission Rates

Clients can help control costs and improve members’ health outcomes by reducing hospital readmission rates. Dr. Meera Atkins, our Vice President of Healthcare Management, and Angela Muth, Executive Director for Healthcare Management, explain why a little prevention goes a long way.

Posted on May 02, 2019

How We Bring New Products to Life

How does CoreSource bring new products to our customers? Pamela Cowan, our Senior Director of Product Support, explains the process on the CoreSource blog

Posted on April 04, 2019

Cross-Plan Offsets: Why we keep them Off-Limits

Recent news has cast a new light on the insurance carrier practice of cross-plan offsets, and its many drawbacks for employers. At CoreSource, we don’t engage in cross-plan offsets; just one more reason self-funded benefits are a win for our clients.

Posted on April 02, 2019

Our 2019 Summit and “Benefits Beyond Benefits”

The 2019 CoreSource Summit brings our team together for three days of planning, sharing insights, and building a company that delivers “Benefits Beyond Benefits.”

Posted on March 29, 2019

How We Make Innovation Work

At CoreSource, we have the flexibility and experience to meet our customers’ needs through innovation. Our Vice President of Operations, Jennifer Natalie, explains how we do it

Posted on February 27, 2019

Moving the Needle: Client Management

Client management is not for the faint of heart. But it is incredibly rewarding.
 
Every day, our clients look to us for help with all kinds of questions about benefits, and how to navigate this often complex industry. Each request from our clients is chance for us to improve their lives, and the lives of their clients. Members, brokers, employers—they each have unique needs that we can help them with, no matter how big or small the request may be. This is what client managers live for: the opportunity to make a positive difference in the lives of others.
 

2018 Year in Review

We covered a lot of ground on the CoreSource blog in 2018. This year we looked at a wide range of topics, heard from new authors and points of view, and shared a veritable cornucopia of digital engagement tools.

Posted on December 28, 2018

Reference-Based Pricing: a Welcome Disruption

Rising healthcare costs are a complicated issue, and just as there is no single cause, there is also no single “silver bullet” solution. However, reference-based pricing solutions can help reduce the burden on members and employers.

Posted on December 27, 2018

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