The following are the most frequently asked questions about BenefitsWatch:
What is BenefitsWatch?
BenefitsWatch is an ongoing service that for the first time gives health plan administrators, CFOs, and CEOs absolute, quarter-by-quarter control over their company or enterprise health plan. HDM specialists analyze your claims and clinical data from a financial perspective, and provide hard facts to enable important health plan decisions in three key areas: compliance, financial management, and utilization.
How do we get started?
You review and execute our two-year contract. We then assign you a BenefitsWatch analyst, who will work with you to assure the efficient exchange of data from your administrators. We do the rest. It’s about a two-month process.
How long does it take to get up and running with BenefitsWatch?
Normally, about two months. It could take longer if we do not have a working relationship with your administrators/PBMs, but that would be rare.
Will our administrators cooperate providing 100% of their data?
By contract, they have to. In our nearly two decades in business, we’ve audited most of the administrators and PBMs in America. We’re familiar with their data and they are comfortable with us.
How do you assure the integrity of the data you’ll take in from our administrators?
Our in-depth knowledge of administrator systems assures the efficient exchange of data. We have exchanged data with most of administrators in the U. S. at least once before.
Will we have to hire one or more people to interface with HDM?
No. You simply have to designate who in your company needs to receive our quarterly reports.
Will we need to involve our IT people?
Some companies do. However, since BenefitsWatch is not ASP-delivered and our software will not reside on your server, most clients choose not to involve their IT departments.
Who then needs to be involved at our end?
Representatives from finance to assure that your reports are properly customized for your needs and representatives from EE benefits to assure the efficient transfer of eligibility, SPD, and business rules files.
Will BeneftsWatch work enterprise-wide? Can we compare health plan performance by company or division?
Absolutely. You not only can compare your plan’s performance by business unit, you can also compare each business unit’s plan performance to industry benchmarks. The findings will surprise you.
Will you help us interpret the
quarterly reports we receive?
Count on it. In fact, HDM’s analysts will make recommendations, and do drill downs in any area where you need more information to make fact-based decisions about your plan.
Why do you report quarterly, and not monthly?
We’ve done the homework on this. Quarterly reports provide the optimum cost/efficiency balance, while allowing for accurate trend tracking.
Who will be responsible for our account?
We’ll assign your account to an HDM analytics team. You may have direct access to every team member, if you like.
What will BenefitsWatch cost annually?
From $2.00 to $3.00 per employee, per month (PEPM).
You estimate a 4-to-1 average ROI. How do you measure it?
That’s an average ROI for a company or enterprise with 2,000 or more covered people. The ROI becomes clear from 1) the findings that result when we mine the data in the client’s data warehouse with our Business Rules Engine. On average, we find three to four percent waste in the health plan spend. And 2) the opportunities we uncover for improvement in utilization and plan performance.
Are your going to be able to consistently deliver savings year after year?
Yes. Plans are dynamic. Employees come and go. Plan governance is an on-going process. You must continually measure your plan’s performance, because year after year you’ll find that your plan isn’t performing to goals or to benchmarks in one area or another. For the first time, BenefitsWatch gives you absolute year-to-year control. .
Is there any limit to the size of the health plan BenefitsWatch can monitor?
No. However, the complexity of large enterprises sometimes dictates multiple quarterly analyses.
How do I get an onsite demonstration or a written proposal?
The first step is to request information online or call 800.859.5119 ext 1. We will promptly send you information and a brief questionnaire to further determine your needs. We can also provide a detailed proposal and meet with you to discuss our services.
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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