Meeting Transparency Mandates: Put Your Employer Groups at Ease
The first deadline of the Transparency in Coverage final rule is fast approaching. With less than a year to go, you’ve probably already had multiple conversations with your self-funded employer groups, since they also need to comply and depend on you, their plan of choice, when it comes to meeting the mandate. If you have not done so, now is a great time to put them at ease by assuring them you’ve got them covered—for price transparency and beyond. Read on to learn about some of the ways HealthSparq’s health plan clients are supporting their groups.
Complying with mandates while guiding employees to the right care
HealthSparq’s cost estimation solution will comply with CMS’ Transparency in Coverage mandate and the No Surprises Act. That means self-funded groups who work with an insurer or TPA that partners with HealthSparq can leverage a mandate-compliant price transparency experience. However, we are focused on more than just checking the box for compliance, as are our health plan partners and their groups. Why? Because we know that employees who use personalized healthcare transparency tools make smarter, more cost-effective decisions—which in return can drive savings for health plans, employers, and their employees. Our configurable experience allows you to guide employees to your (or your self-insured groups’) preferred providers while staying compliant. Employees can explore and compare providers, quality and costs, and even plan for complex treatments, like surgery. In addition, they can access care on the spot or schedule an appointment online once they’ve found the right provider.
Incentivizing employees for making smart choices
People don’t realize how widely costs can vary for the same service of the same quality. Our health plan clients are working to change that by showing costs for care front and center, and by incentivizing members to select lower–cost care. We know that incentives work to help people make more cost-effective healthcare choices. In fact, most people (82%) would choose a cost-saving imaging provider for a reward as little as $25. Shoppable services range from preventive care and imaging, to surgeries and infusions. HealthSparq’s financial incentives solution is quite flexible and fully- and self-insured groups are working with our health plan clients to take advantage of the program. We work with our health plan clients closely to help their groups identify rewardable services and program options that best match their needs. And don’t forget, combining financial incentives with your benefit designs is a win-win because you share the savings and receive a credit in your MLR calculation too.
Sharing insight to support engagement
Using analytics data is a standard measure in today’s business world and an employer’s HR department is no exception. It’s helpful to provide groups with regular reports and insights into how their employees engage with your transparency solution. HealthSparq makes it easy for its health plan clients and their employer groups by delivering plan branded and automated or ad hoc employer-facing reports. Our clients help their groups to understand employees’ behavior in order to identify ways to communicate about how to use their benefits and save money on healthcare, while offering the best care when needed. With almost half (46%) of consumers saying they don’t know if their health plan has transparency tools, education around their availability and how easy it is for employees to find and get cost-effective, high-value care can help increase the utilization of these tools.
With digital experiences tailored to group needs as well as personalized experiences for employees, health plans should be a trusted partner and bring more to the table (or should I say HR office) than just insurance benefits. If you’re interested in learning how HealthSparq can help, request a demo today.