Analytic tools can help make nearly every human resources activity more effective. Companies today are investing significantly in the healthcare of their employee populations through the costs they incur as plan sponsors of medical benefits or through the additional investments they make in wellness and worksite health programs, disease management programs or other services to promote health behaviors. Healthcare Analytics is a natural extension of people analytics to capture strategic insights to better manage costs while also considering the broader health, productivity and financial well-being needs or your workforce. As healthcare costs have continued to rise at a far faster rate than that of the broader economy, the amount that organizations spend on health benefits is changing labor negotiations and even threatening profitability. Is there a better way to manage, reduce, and mitigate cost increases? Yes. PwC's Talent Analytics and Predictive Services can show you how.
Rising healthcare costs have led to a surge of interest in relevant statistical and/or data warehousing tools. For most observers, though, this means using predictive models to proactively identify adverse events or using utilization and clinical data for population health management. At the same time, dramatic changes are occurring in how physicians and hospitals are paid and how they organize to deliver care but, unfortunately, employers are left largely on the sidelines in terms of receiving real insights on their cost drivers and quantifying specific opportunities to take unnecessary costs out of the health care system. Healthcare Analytics can close the gap.
Better control of your information leads to better control of your costs.
Given the change in industry dynamics, it’s more important than ever for employers to understand their healthcare expenses. What are the root causes of rising expenses? What opportunities exist to reduce costs? How do you evaluate supplier performance in the context of benefits structures? How do you evaluate where there is unnecessary variation in the cost of care? How do you know if your investment in wellness and disease management has a meaningful ROI? PwC's approach to analytics is designed to get to the answers quickly, giving you the proper balance between historical insights on cost drivers of your healthcare program and performance of your vendor partners and top providers while also giving you a prospective view of the risks to your program and the opportunities to mitigate those risks. We use sophisticated statistical techniques to get you the information you need to make better decisions, and we package the information in a way that makes it easy to disseminate and use.
With continued technological advances, more and more specialized healthcare data is at employers’ fingertips. In fact, at this point, access to data is no longer the problem, and many organizations find themselves lost amid a sea of numbers and statistics. Our Healthcare Analytics program can sift through your data, skipping spurious data “dead-ends,” to provide actionable results that can form the foundation of your future benefits strategy. We continually test hypotheses until we find the correlations and cause-and-effect relationships between healthcare programs and improved quality, morale, and even profits.
Our Healthcare Analytics services complement other PwC talent analytics and predictive services programs by extracting even more insights from your HR "Big Data." We use advanced statistical techniques to find the hidden patterns, so you can direct your strategic and plan management efforts in areas where they have the best impact – for you and for your employees. From surveys and benchmarking to predictive services and people analytics strategy, we help our clients make fact-based decisions about human capital, creating meaningful change for employees, teams, and entire organizations.
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