How To Access The Data You Need
How To Access The Data You Need
For many companies, staying profitable is harder than ever post-pandemic. As businesses reopen and the economy rebounds, there is still uncertainty on the path forward. While we hope for a quick and robust financial recovery, the best way to ensure jobs and keep businesses open is to save money.
As of 2018, 17.7 percent of the GDP was spent on healthcare, and costs continue to rise for businesses and employees. Current healthcare estimates show a 30% increase from today’s rates in the next 5 years. However, this increase isn’t one you have to accept.
The secret to fighting this upward trend is in accessing health data. Typically, insurance financial reports are only shared with the employees they apply to. Without this information, it’s extremely difficult to assess risk, negotiate plan renewals, or determine if a business is ready to make the move to a self-funded plan.
The data is easy to retrieve — it’s generally as simple as having employees log onto a portal and grant access to their data. Any employee fears that may crop up can be eased because no personal information is shared with their employer. In addition, this data is protected under HIPAA and therefore confidential.
The best part? Sharing data not only decreases costs for employees and employers, but it also improves the quality of care.
For most companies, healthcare is the second-largest expense after payroll. In fact, GM spends more on healthcare than on steel to build their cars. Starbucks spends more on benefits than they do their coffee beans. If you want to keep costs down, you need to keep this number from inflating. The best way is through accessing healthcare data that can help you save money, jobs, and businesses. Ensure your clients and employers are saving and increasing quality of care by ensuring access to data.
