Knowing your organization’s number of annual claims per employee is an important piece in understanding its medical cost drivers.
When viewed in conjunction with cost per claim, you can quickly assess what is driving your per employee plan cost – is it usage/volume (more claims) or price/intensity (higher cost claims)? Once that’s determined, you can focus your management energies in the right place.
Let us know if you would like to learn more about how to improve your score in this area. (more…)
Prescription drugs can be difficult to manage in a plan, especially if you don’t have a good grasp of all the related metrics.
- Do you know what you’re spending on every member in a year?
- How do your Rx numbers compare to our database?
- Do you know what’s causing the changes in your drug costs year-to-year?
There are several strategies and tools employers can deploy to mitigate rising prescription drug costs. But first you need to track these numbers to get at the root cause.
Let us know if you would like to learn more about how to improve your score in this area.
Most employers benchmark their gross health plan cost on a per employee per year basis. The net amount employers pay (gross health plan costs minus employee payroll contributions) is also an important measure to track in support of sound plan management. As you can see, the amount can vary from one employer to another by thousands of dollars per employee.
Where do you fall in the range above? Knowing how that number matches up against your budget, benchmark, and last year should be a priority. It goes without saying that having answers to questions like this at your fingertips enables you to better manage your plan.
Let us know if you would like to learn more about answering this question, tracking your numbers, and better managing your plan.