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Vendor ROI: Data as a Differentiator in a Competitive Market

A broker’s job is never easy, nor is it ever done. To complicate the work further, COVID-19 impacted employers and employees in unexpected ways. However, even through a year of disruption, there’s still the same need to deliver a data-driven benefit strategy that is focused on identifying and managing key health care cost drivers while optimizing benefit offerings to meet the needs of a diverse and evolving workforce.


We recently kicked off our webinar series, Data as a Differentiator in a Competitive Market, to discuss how we’re partnering with brokers to support their employer clients through Benefitplace™ Health Insights. With Health Insights, brokers gain access to on-demand health plan analytics, robust benchmarking tools, and unique data insights. 

Amanda Johnson, Health Insights CSM and Broker specialist, joined me in a conversation surrounding the value of the platform and vendor ROI. We discussed how brokers are addressing the rising health care costs that have contributed to greater complexity in benefit plan design and administration. We specifically address the broker focus on the investment in vendors and managing vendor cost and expectations. Amanda suggested a few ways Health Insights has made a difference for the brokers she’s partnered with:

The ability to source multiple data feeds from multiple carriers depending on their book of business
Transparency to claims financials and diagnosis for stop loss purposes
High level reporting capability and line level detail for specific analysis
The ability to create and schedule reports on a regular cadence and the ability to upload and store plan documents and contracts all in one place.

Check out the webinar on demand to hear more from Amanda about how her team is working with brokers on vendor management. From the mitigation of plan cost with member populations and high-risk reporting for wellness vendors, to utilization reporting and accounting for complexity in health planning for administrative partners, the Benefitplace Health Insights platform provides tools to help measure ROI consistently and constantly throughout the year.

 

About the Author

Matt is a Content Marketing Manager at Benefitfocus. He came to Benefitfocus with 10 years of clinical experience, in both Primary and Specialty Care, and developed a unique specialty at the crossroads of data based health analytics and individual provider and member health and wellness initiatives as an Health Insights Customer Success Manager. Matt joined the Content Marketing team in 2020 where his focus is to use his experience to develop insightful and impactful resources for health benefits leaders to help them navigate an evolving and increasingly complex landscape. Matt holds a Bachelor's degree in English from The Ohio State University and a Master's degree in English from The Citadel Graduate College.

Profile Photo of Matthew Orosz