By evaluating your organization’s unique combination of demographics, benefits design, utilization and overall trends, we focus on ways to mitigate the rising costs associated with medical, pharmacy, disability and workers’ compensation claims. The most advanced tools, combined with our team of seasoned professionals, allow Hylant to successfully dissect the factors driving your healthcare costs and assist in developing appropriate cost containment strategies.
We believe it’s important for you to know how your benefits plans compare to others in your industry as well as similarly sized organizations. We have access to some of the best data sets around to help you see how your benefits stack up against others. And we routinely provide this information as one way to keep you informed.
Most businesses report managing employee benefits budgets, specifically claims costs, as a top priority in the next 12 months. The first step to mitigating budget nightmares is understanding what is driving the costs. Hylant has partnered with Benefits Science Technologies to bring two options for analyzing data to our clients. Our partner is one of the world’s leading research and applied science teams, applying sophisticated analytics, robust optimization and advanced statistical methods that help clients make better strategic decisions about their employee health plans.
With health plan expenses accounting for a significant part of your overall budget, it’s important to go beyond simply understanding what is driving the costs and really start managing to a budget for your health plan. We generally approach the budget discussion in three aspects:
Benefit Plan Funding–In some cases the way to control costs is changing the funding arrangement or the way that you pay for the program. We have a funding analysis to help you determine what makes sense for your business. It may be time to self-fund your program or even join a captive platform. Talk to one of our experts about the analysis today.
Benefit Plan Design–Our plan design modeling tools empower us to make proactive decisions about the design of your medical plan without waiting on a renewal. The information also gives us leverage when negotiating with carriers or administrators on your behalf. Essentially, we can move the levers to see what impact the design changes may have on employees and overall costs.
Claims Expenses–Instead of letting this be an open checkbook, let’s use predictive modeling to see what may happen in the future and hit it head-on before it happens. Knowing that pharmacy expenses and lifestyle choices account for more than 40% of your overall claims, we can further investigate programs to mitigate costs and improve plan member health.
Our experts would love to talk to you about analyzing data and developing a cost containment strategy to mitigate your rising benefit plan costs.+ Contact an Expert