Tuesday Morning with Justin Ft. Scott Leivian
WHY IS DATA IMPORTANT?
Did you know that the total national cost of health care in 2020 was approximately $4 trillion? Furthermore, around 25% of this is attributed to wasteful spending. Self-funded employers, in particular, find it difficult to analyze claims data and adopt a simple format that can be utilized and acted upon.
For example, as an employee ages and moves closer to retirement, if their ability to retire with financial stability and freedom is not progressing, they will stay in the workforce longer. This can contribute to a business’s healthcare costs in their health plan.
USING DATA TO LOCATE WASTEFUL SPENDING.
In the two-part series above, Justin Futrell discusses the importance of data with Scott Leivian, managing director at Innovu. Using data analysis can help find where the wasteful spend is in companies and help eliminate it. Over the past seven years in helping organizations, Innovu approaches this operational expense saving opportunity as an aggregator of the information.
“We can make, from a software perspective, the information in an easy-to-understand format, but it takes human interaction, it takes people,” Leivian said. “Even in this day and age of machine learning and artificial intelligence, it takes the thoughtfulness of healthcare data analysis and people that will help harvest the opportunities.”
Recently, Leivian helped a client examine their health plan with regard to their aging workforce. Through the analysis, they found that they could take future healthcare costs and refund them in an early retirement program, saving the organization three times their current spend in future healthcare costs.
WANT TO LEARN MORE?
Contact Leivian about looking at your company’s data to locate wasteful spend.
We live in an era where organizations of all sizes are expected to do more with less. Business owners and decision-makers face the daunting talk of balancing financial goals and aspirations against the cost of supporting a healthy and productive workforce.
"Tuesday Mornings with Justin" intends to showcase effective ways that organizations can leverage innovation, technology, and teamwork to grow their business and optimize their workforce.
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