As an employer, having access to a quality set of reports will help with your employee medical insurance decisions. These reports allow managers to steer the course of the company through data presented in graphs and numbers. Access to data regarding the wellbeing of employees is equally important when considering levels of productivity. Furthermore, this data can also help you assess whether or not your employee benefits plan needs to be reviewed.
Medical costs and claims from the employees, causes of absenteeism, and sickness trends are all important and useful data that can be generated by your insurance provider in the form of reports. As an HR practitioner, this task can be difficult if you try to compile these reports on your own. The reason that medical claims and their associated administration procedures are being outsourced to a third-party insurance provider is to allow you to focus more on your essential HR functions.
Here are some of the ways that reports provided by your employee medical insurance provider can make your life easier.
Utilisation Reports
When enrollment renewal comes, it is critical to keep an eye on the financial side of things. Your reason for either maintaining the health premium costs or negotiating a lower premium is to keep track of the health usage. If the company utilisation rates fall within the acceptable percentage use, the company is entitled to a possible maintenance of premiums at the coming renewal period, enhancing the current program at the same rate. In this type of report, you will discover which membership bracket has utilised the most. Is it the senior dependents like parents or spouses, or the employees?
Other reports will show us what type of benefits options have been utilised well. Is it the outpatient and/or laboratory visits or the major hospital confinements? This type of information provided by your insurer can assist you with many of your decisions.
Sickness Trends
With these reports, you can source this data from the panel clinics providers. It’s important to know when employees feel ill and go to a clinic because they have a cough or a cold, or have suffered some form of disease, as this type of data can affect your premiums. When this data is collected and compiled, it can be used to produce the graphs and numbers necessary for your dashboards and quarterly metrics. Such data can be used to identify the top illnesses for a given period, and be used to devise intervention strategies to address these issues – such as lifestyle management or disease prevention programs.
Annual Health Examination Reports
It’s important to assess physical exam reports and identify common health issues based on the results. The results of the physical examination reports help determine what type of lifestyle management program to implement. For example, does the result show that employees are showing signs of hypertension? If so, they could be encouraged to maximize the use of the gym facilities to improve their physical fitness.
Offer Health Tips and Reminders to Employees
Retention and maintenance of information will fall short for employees who are particularly busy. Permitting one glance at the data will keep them reminded or informed about a particular illness. An infographic is proven to be a useful tool showing straightforward and easy-to-remember information coupled with catchy graphics. “An ounce of prevention is worth a pound of cure” goes the adage, which means that it’s important to receive timely precautions thorough health advisories and updates. This helps your company to reduce the costs of health usage by empowering employees and reminding them to be mindful of their health and wellbeing.
Are you getting the right data from your employee medical insurance reports?
These are just a few examples of some of the necessary reports your insurer can provide for your dashboard that could save you time. You can ask your trusted broker or medical insurance agent about other types of data that could be added to your HR dashboards.
