In today’s healthcare landscape, technology is instrumental in facilitating the strategies of healthcare business leaders. Technology also provides these executives with access to the critical data that they need for decision making, planning, and forecasting.
Healthcare reform regulations, increasing costs, and more competition are driving employers and their health plans to focus more than ever on opportunities to reduce cost trends. For example, the country experienced a 3.0% growth in per capita gross (allowed) medical and pharmacy costs from 2012 to 2013. Truven Health Analytics anticipates those costs in 2014 and 2015 will increase by 4% to 5% or more. By taking a data-driven approach, payers can manage costs and, ultimately, make their benefit programs sustainable in the context of healthcare reform. They can also maximize opportunities to improve population health and productivity and optimize the delivery of care.
In response to concerns raised by healthcare leaders that the absence of adjustment for socioeconomic status (SES) and race characteristics in patient populations impedes the fair comparison of hospitals on risk-standardized 30-day unplanned readmission rates, Truven Health AnalyticsTM evaluated the extent to which risk-adjusted readmission rates for acute myocardial infarction, heart failure, and pneumonia are affected by adjustments for community-level SES factors through its Community Need Index (CNI) and patient race. The study shows there is, indeed, a statistically significant effect. For more, visit truvenhealth.com/wp/readmissionpenalties.
The tax on high-cost health plans, which are often referred to as Cadillac plans, is expected to impact a considerable share of the plans provided by healthcare organizations for their own employees, as much as 39% by 2020. The implications are significant because the excess-benefits tax requires the employer to pay 40% on the value of the portion of the plan that exceeds thresholds set by the Patient Protection and Affordable Care Act. Employers also need to consider that the tax is measured as a direct function of plan cost, and not actuarial plan value, and that a number of factors can drive excise-tax exposure.
In October 2013, S&P Dow Jones Indices (S&P DJI) launched the S&P Healthcare Claims Indices (the indices). This new index series is designed to provide an independent, timely measure of the changes in healthcare expenditures and utilization for individuals enrolled in commercial health insurance plans in the United States.
S&P DJI developed these new indices in conjunction with healthcare professionals at Health Index Advisors (HIA), a joint venture between the premier actuarial and consulting firms Aon Inc. and Milliman Inc. S&P DJI combined its knowledge and experience in developing leading indices with HIA’s experience in the healthcare market to develop the first index series of its kind, based on actual healthcare claims data. These indices seek to increase transparency in the healthcare market and enable the analysis and tracking of changes in healthcare expenditures.
Despite retention’s critical importance to a health plan’s success, many health plans treat the issue superficially. Health plans have not drilled down into the complex issues that cause disenrollment, nor have they implemented comprehensive strategies to improve retention. In this Executive Insights, L.E.K. Consulting focuses on implementation, identifying the most effective initiatives for increasing retention, and laying out how these initiatives should be coordinated and prioritized.
Read Part 1 of the Revenue Cycle Management Peer-to-Peer series authored by Cathy Dougherty, VP of Revenue Cycle Management at Gwinnett Health System. In this article, Cathy discusses how Gwinnett Hospital System handles the business side of caring by helping patients to understand and plan for what they owe, resulting in a positive and satisfying financial patient experience - See more at: http://www.relayhealth.com/solutions/financial-solutions
Benefits, especially insurance benefits, are extremely important to employees and one of the main things they take into consideration when they make employment decisions. Many employers that offer insurance generally offer a combination of health, dental, and vision insurance. Sometimes dental and vision insurance are offered separately from health insurance, or they may all be rolled into one plan.
Published By: ForUsAll
Published Date: Jun 18, 2018
The 401(k) market has rapidly changed.Is your plan up to date?
Since 2012, there have been significant changes in 401(k)s which have created new risks and opportunities for small and midsized business 401(k) plans. With this rapid pace of change, many business owners, and even some small advisors and recordkeepers have not been able to keep up. We’ll summarize both changes to the 401(k) industry and the opportunities that exist for you to improve your plan, specifically in the following 5 areas:
1. Staying compliant with increasingly complicated regulations – New government regulations have increased burdens on companies offering both health plans and 401(k)s. What used to be compliant may no longer work. Furthermore, software has improved, allowing many error prone, manual retirement plan administration tasks to be automated.
2. Increasing plan effectiveness by lowering fees – Since 2009, average 401(k) plan costs have dropped by almost 30%*. While average costs have come down, not al
The pressure is mounting and employers are feeling the pinch. As U.S. health care costs continue their seemingly inexorable rise, businesses are looking for ways to wrest greater value from their health care spend.
More and more, employers are looking for benefits strategies that help prevent chronic disease and, if it is present, encourage early, efficient treatment. The brass ring is getting employees to proactively manage their own health by adopting healthy behaviors, such as exercising and eating healthily. It’s better for the employees, it increases productivity, and it reduces health care expenditures.
So how are organizations today looking to craft health and well-being plans that deliver real results for employers and employees alike? This white paper looks at three key areas where new and innovative approaches are changing the equation.
With all the complexities of the U.S. health care system, people consuming health care services continue to find it challenging to navigate. That’s why, for the fifth year, Aon Hewitt is pleased to partner with the National Business Group on Health (The Business Group) and The Futures Company to conduct the Consumer Health Mindset Study. The study explores the health attitudes, motivators, and preferences of consumers across the U.S.— particularly employees and their dependents as they interact with their employer-sponsored health plans, wellness programs, and the broader health landscape.
Along with our findings about the consumer health mindset, we recommend practical actions you can take to meet consumers where they are and guide them in navigating health care more effectively.
o This guide gives you the practical, actionable steps your team needs to simplify and improve your company's health plan designs so they make sense for your business and your people. It walks through: ? How plan designs get lost in translation ? Plan design: myths vs. reality ? Strategic questions for your team ? Tips to improve and simplify your plan designs
Patients are going digital — and taking the healthcare system with them. Learn how in the 2017 Digital Trends in Healthcare and Pharma report.
Download it now to learn:
Why two-thirds of healthcare companies are investing in data analysis.
How they’re building content marketing programs to boost patient knowledge.
What they plan to do with virtual and augmented reality this year and beyond.
When it comes to the middle market, Key has a dedication like no other bank. Our commitment and focus allow us to deliver relevant, actionable, and tailored solutions for middle market companies. As part of this commitment, KeyBank conducts quarterly surveys with middle market executives. These surveys help us discover overall industry sentiment on topics of importance to you. We believe that the more we know, the better we can serve you. Check out what leaders are saying about their outlook on the U.S. economy, expansion plans, and their thoughts on changing healthcare policy when you read our latest quarterly report.
The terms disaster recovery and business continuity planning are often used interchangeably but, when you think about it, one is much preferable to the other. While disaster recovery makes clear that the organization will rise again, it does not let the world (and your patient population) know that the business of care will go on during the recovery process. In this important on-demand webinar, you’ll hear from one CIO who has given a lot of thought to keeping operations up and running no matter what gets thrown the organization’s way. With so many varieties of disaster lurking in wait, this is one webinar you can’t afford to miss.
Published By: Lumeris
Published Date: Aug 04, 2014
For health plans, health systems and delegated payer operations, or health systems wanting to become their own payer, Lumeris’ turnkey outsourcing offers expert support to design, build, operate, measure, and optimize value-based health plan operations that can drive clinical and financial excellence. This can be evidenced by our ability to help clients achieve higher revenue, lower costs, higher market share, and meeting mandates for medical cost ratio contained in the Patient Protection and Affordable Care Act.
Providing employer group customers an easy-to-use analytical platform is one of the key ways health plans can demonstrate value and improve retention. Read to find out more about how Employer Reporting can help health plans and their customers.
Published By: Availity
Published Date: Aug 08, 2013
Carolinas HealthCare System was growing, and as claim volumes mounted, claim error rates doubled. Find out how they recovered $8 million, brought claim edit backlog to zero, and reduced claim edits by 97 percent.
Published By: Availity
Published Date: Aug 08, 2013
Adventist Health System was troubled by inconsistent billing practices and disparate systems across seven central billing offices. Find out how they reduced time-to-payment by 17 percent -- bringing days in accounts receivable to an all-time low -- by standardizing processes and improving workflow with RealMed (now known as Availity Revenue Cycle Management).