Every organization has its own unique way of preparing for renewal season and the proceeding negotiations with health insurance carriers. Oftentimes, this process is manual, tedious, time-consuming, costly, and prone to human error.
The difficulty plan managers and stakeholders often face while attempting to justify premium increases for their employer groups can largely be attributed to the archaic nature of the process. It’s time for a 21st century solution!
Health Cost IQ has developed a brand-new dashboard that provides decision-makers with the confidence they need by turning the manual renewals process into an automated one via an easy-to-use Renewals dashboard.
HCQ’s Automated Renewals Dashboard provides scenario and criteria-based sliders for your premiums which you can organize by your total book of business or by drill down to individual employer groups.
Here are some additional highlights and benefits for HCQ’s new, automated Renewals dashboard:
- Dedicated use of HCQ’s experienced analytics team to build customized criteria-based scenarios per your organization’s unique requirements tailored to your current Renewal process.
- Built-in predictive analytics for future medical cost to help inform your Premium increase or decrease decision.
- Ability to adjust the projection of your current premiums on the fly by using the built-in slider to see how they would look over the next 12 months.
- Ability to utilize evidence-based data to hold groups and carriers to account on Renewal challenges.
- Ability to review historic annual TLR trends.
- Hours upon hours of manual analyses in spreadsheets permanently eliminated.
Examples of customized scenarios:
- Scenario 1: For groups with a TLR > 75% and < 100%, increase premiums by 3.5%.
- Scenario 2: For groups with a TLR > 100% and < 200% and with an average employee count of >=5, increase premiums by 7%.
Individual and multiple group-based criteria:
- For groups that falls into Scenario 1, see how an additional 1.5% increase on their premiums would look like and compare against their medical costs for the following year, along with how their future TLR would look like.
- For groups that fall into Scenario 2, you have the knowledge that would justify an additional 2.5% increase. Optionally, use the available slider to add this increase to either their current premiums, or on top of the % assigned to Scenario 2.
“I would normally spend hours organizing and piecing different data elements together to produce what our new Renewal Dashboard does in just three clicks.
The flexibility of building our own unique scenarios into the Dashboard makes the analysis required to determine renewal rates simple.
The renewals dashboard has made it so much easier to make decisions because it groups populations together. It’s like pressing the ‘easy’ button when doing renewals.”
- Candice Wong
Director of Benefit Services – Altres
HCQ’s brand-new, automated Renewals dashboard is cutting-edge. It is currently saving our clients many hours of manual work related to renewals, and we are certain it will do the same for you!
Please contact us today for a quick demo for us to show you the value in time and cost-savings for your organization.