How Data Analytics Impact Employee Benefits
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Jen: This is the PKF Texas Entrepreneur's Playbook. I'm Jen Lemanski, and I'm here again with Kristin Ryan, Audit Senior Manager and one of the faces of PKF Texas’ Employee Benefit Plan team. Kristin, welcome back to the Playbook.
Kristin: Thanks. Glad to be here.
Jen: So, we held a recent seminar focusing on data analytics and health care strategies that you moderated with a couple of our friends of the firm. What was one of the main takeaways that you saw during the discussion?
Kristin: Sure. So, I think we all understand the importance of data and how it can help with decision making, but a lot of times what happens in decision making is based on assumptions and the data is incomplete. So, a comprehensive analysis really gives you that informed decision-making power and allows you to come up with targeted solutions based on employee population.
Jen: And so, how are employers using data to reduce costs and increase employee engagement – those types of things?
Kristin: The costs are rising – we all know with medical and Pharma both – and a lot of employers are responding by doing the data analytics and looking at how they can target a program and look at the most impactful solution. So again, based on the way population, everyone is different, so they really need to look at what they need to focus on moreso than others.
And I think too, productivity is… it's easy to kind of link that to happier healthier employees, but how do you achieve participation in a program like that? One of the ways that you do that is through incentives, so we talked about physicals, annual physicals that employees get, and they get cash for that – just to encourage them to participate. Or an employer covering 100% of the maintenance medication costs, things like that. I think the key takeaway for me at the end of all of it, just to recap, is a key targeted solution versus rolling out a bunch of different programs and then expecting compliance with those.
Jen: Perfect. Well, thanks for that quick summary; it sounded like a great event.
Jen: We'll get you back to talk a little bit more about some more topics in the space. Sound good?
Kristin: Sounds great.
Jen: For more information about this topic, visit www.pkftexas.com/BenefitPlanAudits. This has been another thought leader production brought to you by PKF Texas the Entrepreneurs Playbook. Tune in next week for another chapter.