All Services
Benchmarking + Data Analytics + Underwriting
Unlock the power of data to drive smarter benefits decisions with our Benchmarking, Data Analytics, and Underwriting Services. At Innovative Benefit Solutions, we utilize advanced analytics and industry benchmarking to help employers gain a deeper understanding of their healthcare spending, identify cost-saving opportunities, and enhance employee well-being.
Our financial and data analytics process provides in-depth insights into claims trends, cost drivers, and workforce utilization patterns. Through comprehensive analysis of medical and pharmacy claims data, we uncover trends, pinpoint inefficiencies, and develop targeted strategies to optimize your benefits program. This data-driven approach empowers your organization to make more informed decisions, reduce costs, and improve plan performance.
With predictive modeling, benchmarking, and real-time reporting, we identify cost-saving opportunities and build data-driven strategies that align with your business goals. By comparing your benefits program against industry benchmarks, we highlight areas for improvement and opportunities to enhance competitiveness. Our underwriting expertise ensures that your plan is priced accurately and fairly, balancing cost management with comprehensive coverage for your employees.
Additionally, we leverage advanced reporting tools to provide real-time insights into plan performance, utilization patterns, and cost drivers. These insights support smarter decision-making, allowing you to implement proactive measures to reduce costs, improve employee health outcomes, and maximize the value of your healthcare investment. Through our data-driven approach, we help businesses reduce healthcare costs, improve employee well-being, and maximize their benefits program’s value. Let us help you transform your benefits program through the power of analytics, driving better outcomes for your business and your workforce.
How We Use Analytics to Drive Cost Savings & Improve Outcomes:
We analyze historical claims data to uncover patterns in healthcare utilization, such as high-cost conditions, prescription drug spending, and ER
versus primary care usage. These insights help us identify cost drivers and implement targeted interventions to reduce unnecessary expenses and
improve outcomes.
Using advanced analytics, we assess population health risks and identify employees who may benefit from early intervention programs, chronic
disease management, or wellness initiatives. Predictive modeling allows us to forecast future healthcare costs and design benefits strategies that
address risks proactively.
By reviewing claims data and provider performance metrics, we identify high-quality, cost-effective providers and care options. We help employers
guide employees to these providers—such as centers of excellence, telemedicine services, or value-based care networks—reducing costs while
ensuring quality care.
Our data-driven analysis helps determine if adjustments to plan structures—such as deductibles, copays, or tiered networks—can enhance value
while managing costs. We evaluate alternative funding models, including self-funding and level-funding, to identify the best options for your
organization.
We conduct comprehensive reviews of pharmacy benefits, evaluating formulary management, specialty drug utilization, and pharmacy benefit
manager (PBM) contracts. Our goal is to control rising prescription costs while ensuring employees have access to necessary medications.
Through detailed claims audits, we identify billing errors, duplicate charges, and unnecessary procedures that inflate costs. Our auditing process
ensures that your plan pays only for legitimate services, protecting your bottom line and promoting transparency in healthcare spending.