The information provided by HDM's BenefitsWatch assists the self-insured employer to make better benefit decisions and vendor management assessments through business intelligence technologies. It allows decision-makers to visualize, manipulate, and project essential employee benefits metrics and offers collaboration through connectivity and interactivity for a true breakthrough in decision support. Additional benefits from BenefitsWatch include the following:
| . Single source for employee benefits data |
| . Monitor medical and disease management performances |
| . Track benefits against ongoing performance metrics |
| . Follow performance of health plan administrators |
| . Manage compliance with contract, SPD and industry standards |
| . Monitor medical loss ratio (MLR) |
| . Assess vendors' performances from provided analysis |
| . Measure and verify health benefit costs and savings |
| . Verify cost containment in all health benefits |
| . No additional investment in staffing or technology is needed by the employer |
Return On Investment
By combining benchmark data from HDM's BenefitsAudit with the concurrent data from BenefitsWatch, employers typically achieve a return on investment of 3:1 — significantly greater than simple data warehousing services. Additional ROI includes the following:
Compliance
BenefitsWatch provides an effective, ongoing service to meet compliance requirements, Sarbanes-Oxley, and HIPAA while evaluating internal controls.
Cost Containment
An efficient means through BenefitsWatch to manage medical loss ratio; track cost by plan, line of business and type of employee; identify overpayments due to duplicates, processing errors, up-coding, unbundling and other party liability; and a method to recover overpayments and other party liability.
Risk Management
BenefitsWatch provides an easily accessible channel for employers to manage fiduciary responsibility of vendor oversight and means to run actuarial reports to measure and verify risk.
Efficiencies
BenefitsWatch is a single source for all health plan information, a means to easily compare existing health plans and vendors, and is very instrumental in managing multiple vendor relationships. This pioneering technology also greatly aids as the cornerstone in developing plans for improvement with employee benefits as well as in saving time in deriving end results as originally proposed.
To learn more about our cost containment solutions for self-insured employers, contact HDM today at 800.859.5119 or request information with our online form. You may also send an email to: info@HDMinc.com.
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