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Health care plans typically cost more per employee than any employee benefit. Every annual rate increase pushes that cost higher and spurs employers to make some change to slow the upward trend.
To identify the plan changes that can make that difference, the employer needs to examine the data behind the big rate hike. But finding the key data and converting it to meaningful change requires special expertise.
M3 provides that expertise, along with our health plan data reports. Our reports include the Health Plan Performance Monitor, Benefit Compassİ and the Actuarial Analysis.
| The Numbers That Count |
| Health Plan Performance Monitor — A monthly report that tracks the claims and fixed costs of your self-funded health care plans. It also highlights key indicators such as current loss ratio and
cost per employee.
Benefit Compass — A status report that gauges the fitness of your plans. For each plan performance indicator, you’ll see your plans’ current data compared with regional and national bench-marks, and with the previous year’s data.
Actuarial analysis — This report is an annual review of the carrier’s renewal for a fully-insured plan. We examine each line item of the renewal to check for accuracy, fairness and consistency. The analysis concludes with a summary that either validates or disagrees with the renewal increase.
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Health Plan Data Reporting Works for You
Our health plan data reports don’t inundate you with numbers. We use only the data that is most indicative of plan performance and present it in a format that is easy to use and understand.
Each report views your plans from a different perspective and serves a different purpose.
- The Health Plan Performance Monitor gives a monthly status report on plan costs. It can confirm that costs are on track or give you an early warning of a problem.
- The Benefit Compass gives you a graphic analysis of the vital signs of some of your benefit plans. It uses claims data to show the plans’ performance in areas such as cost per employee for medical, dental and prescription drugs; major diagnostic codes; top providers; prescription drug usage; and employee contribution levels. It illustrates how your results compare with those of others in your industry. With this information, you can identify the areas in which a change would have the greatest effect.
- The Actuarial Analysis examines every item of your carrier’s renewal. For example, we compare the carrier’s trend and fees to those of the market and previous years. We double check the calculations and look for inconsistencies in the process. Our findings may validate the carrier’s rate or provide the facts you need to get an adjustment.
We don’t just drop your reports in the mail. Your account executive reviews them with you, pointing out where your plan differs from the standard, why that difference matters and what you can do about it. Our opinions are informed by experience. M3 has long-standing relationships with the major carriers in the region. And our benefit team has advised employers from every sector and worked with plans of every design.
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