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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.

 Contact Leivian 

 

Justin Futrell, TrueNorth Benefits Advisor

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.

Contact Justin 

 

This publication has been prepared by TrueNorth Companies, L.C. and is intended for informational purposes only. Transmission of this publication is not intended to create, and receipt does not constitute, a client relationship with TrueNorth Companies, L.C. This publication does not constitute any type of representation or warranty, and does not constitute, and should not be relied upon as, legal advice. This publication is not a contract and does not amend, modify or change any insurance policy you may have with an insurance carrier. © 2021 TrueNorth Companies, L.C. All rights reserved.



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