Stabilizing Health Care Costs: More Employers Look to Technology
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Technology, Creating Efficiency in Employee Benefits Melissa DeWeese, Benefits Advisor Beneflex Insurance Services, Inc.
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Technology: Creating Efficiency in Employee Benefits Technology is moving faster than ever. It is difficult to keep up! As it relates to technology and change, Insurance Companies tend to move at a slower rate than the rest of the world. That doesn’t mean we have to wait around. The largest and most successful companies in the world aren’t waiting; they are blazing the trail. The most successful employers use and experiment with the newest technologies. So, let’s take a look and see what they have been up to! Cell Phone Applications (Apps): Large employers are using cell phone applications (or “Apps”) for employees who are Android and i-Phone users. It seems as though there is an app for everything. Now, there is an app for employee benefits too! Employers can provide an application to employees to look up employee benefits information. Virtual Doctor’s Visits: Now employees can have 24/7 access to a doctor! Many insurance plans offer access to a Toll-Free Nurse Line. This is different. This benefit allows an employee to access a Doctor online and/or over the phone. This technology has tremendous cost savings potential for any self-funded or partially self-funded plan (such as an HRA). Each time the member opts to use the Virtual Doctor Visit in lieu of a traditional office visit, this will save the group health plan approximately (on average) $51 per visit. Moreover, each time the member opts to use the Virtual Doctor Visit in lieu of an Emergency Room it will save the group health plan approximately (on average) $543 per visit. Reverse Auction for Employee Benefits: What is a reverse auction? It is the opposite of a standard or traditional auction. In a traditional auction consumers bid up the price of a product to outbid each other. In a traditional auction, the highest bid wins. In a reverse auction it is the opposite; the lowest bid wins in a reverse auction. A consumer is (figuratively speaking) put on the auction block and the vendors are in the audience bidding the price down to win the business. Each insurance carrier can see all the bids on the table and will only place a bid if it is lower than the previous bid. The end result is, the insurance carriers will bid each other down and the lowest bid wins! We have taken a look at the newest technologies available in the world of employee benefits. Each technology listed above focuses on one or more of the following areas: reducing costs, increasing functionality, and/or streamlining processes. The largest and most successful companies in the world have used the above three technologies in the past few years to manage costs, increase functionality and to be more efficient. To learn more, contact Melissa DeWeese at Beneflex Insurance Services, Inc. at 805.684.5100 x 104 or learn more about Beneflex by visiting www.beneflexsb.com.
Transcript of Stabilizing Health Care Costs: More Employers Look to Technology
Technology, Creating Efficiency in
Employee Benefits
Melissa DeWeese,
Benefits Advisor
Beneflex Insurance Services, Inc.
What we will cover in this session:
Defining Technology
Resistance to Technology/Change
Technology and Employee Benefits
Common Technologies in EE Benefits
i-Phone Application
Technology creating efficiency
Virtual Doctor’s Visit
The BeneFlex Difference &Philosophy
Reverse Auction
Technology
tech·nol·o·gy
Noun:
1.The application of scientific knowledge for practical purposes, esp. in industry: "computer technology"; "recycling technologies".
2.Machinery and equipment developed from such scientific knowledge.
Why is technology important?• Technology creates efficiencies
• Technology saves time
• Saving time = saving money
We are all wearing lots of hats!
Technology… People are Resistant to Change
“I think there is a world market for maybe five computers.” --Thomas Watson, Chairman, IBM, 1943.
“The telephone has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us,” – Western Union internal memo, 1879.
Technology…People are Resistant to Change
“There is no reason why anyone would want a computer in their home.” –Ken Olsen, Founder, Digital
Equipment Corp., 1977
Technology and Employee Benefits
•Technology is moving faster than ever
•Insurance industry tends to move slower than the rest of the world as it relates to technology
•Largest Employers see the newest technology first
Common Employee Benefit Technologies:
• Human Resources Online Resources• Online Enrollment Portal• Employee Benefits Portal: Benefit Summaries, EOC’s, etc.• Email Alerts• Total Compensation Statements or Employee Benefit Statements• Employee Online Surveys, such as Survey Monkey• Employee Benefit’s Center• Wellness information online
What’s New?
Cell Phone App…
Cell Phone App / i-Phone App…
Find your doctor or other provider and get maps, directions, and contact info to the
one’s nearest you
Cell Phone App / i-Phone App…
Look up documents such as benefit summaries, summaries of benefits and coverage, employee handbooks, etc.
Cell Phone App / i-Phone App…
Know your plan and look up benefit coverage like copays, deductible,
contacts, networks, etc.
What’s New?
Virtual Doctor’s Visits…•24/7 Access to a Doctor•Skype Capabilities•Ability to prescript Rx over the phone•Most ER visits are not necessary•Employer can customize their copays•Seeing Reduction in copays for Virtual Visits vs. Face-to-Face•Reducing Claims Costs•Lowering absenteeism•Most programs guarantee timelines (i.e. guaranteeing doctor to call back within 3 hours)•Scheduling appointments online•Storing electronic medical records
Virtual Doctor’s Office Visits…
Virtual Doctor’s Office Visits…
What’s New?
Reverse Auction for Employee Benefits…
• Insurance providers compete for an employer’s business
• Online technology where Employer’s data is entered, insurance companies view this data and bid for the business
• Employers save on average 25%• Sometimes employer keeps their existing coverage for
less; often times the employer changes insurance carriers
Reverse Auction…
Reverse Auction for Employee Benefits…
Reverse Auction…
Reverse Auction for Employee Benefits…
The Beneflex Difference….
• Creativity• Technology• Cost Control• Personal
Touch• Employee
Advocacy• Out of the box
thinking!
The Beneflex Difference... Creativity
Alternative Funding Candidates…•Partial self-funding or self-funding •HRA or Health Reimbursement Account also known as “wrapping”•HSA or Health Savings Account•HIA or Health Incentive Account, usually integrated with Wellness.
The Beneflex Difference… Technology
Who we are ...
Our reporting capabilities surpass our competitors. We have client focused systems that produce reports that are meaningful to our clients.
We also have top of the line benchmark data. UBA members obtained plan data for a total of 16,421 plans from 10,744 employers.
The Beneflex Difference… Cost Control
Who we are ...
Beneflex objectively looks at cost and focuses on the health of your bottom line. We use creative, out of the box solutions.
Most broker-advisors ignore more creative solutions perhaps because they are too complex or aren't as lucrative as traditional plans.
Who we are…
BenAssist is a service and assistance direct to employees
• Clarification of benefits/rates• Claims issues• Finding a doctor• Prescriptions• Benefit change support• Medical referrals• Copies of plan information• HSA Questions• Tenacious Advocates for your
employees
Let us help you!
The Beneflex Difference... Personal Touch
Next Steps
Choose Beneflex Insurance Services, Inc. as your broker/consultant and strategic partner.
Beneflex will provide a Strategic Plan aligned with YOUR core values, goals & objectives as well as
on-going services and maintenance.
Questions
