by YJ Lee
It’s no secret that employee benefits are expensive: healthcare costs are often the second or third largest expense item on employers’ financial statements. Typically, large expense items are managed through supply chain and are regularly evaluated to find efficiencies to lower these costs—however, that is not the case for benefits. According to a private equity firm, research shows that “5-7% of our healthcare cost is overpayments—errant claims, fraudulent claims, inappropriate invoicing, etc.”
There is an opportunity to eliminate wasteful spend by managing health spend. Furthermore, employers, for the most part, are receding decision authority to the market—to their brokers who were in turn heavily influenced by market monopoly power. In return, employers are left without a level of insight and analysis into creating solutions that work best for their own objectives and bottom lines.
What if there was a solution that could measurably improve the quality and affordability of employer-sponsored health plans? That’s where Wellnecity comes in.
Wellnecity is a health management platform that combines technology with human expertise to enhance, elevate, and escalate employers’ decision-making while increasing savings and ROI.
Utilizing modern decision support principals to drive better decisions for today, tomorrow, and the future
Wellnecity has built a real-time data platform that generates ad hoc reports in a matter of days. Instead of using traditional reporting analytics platforms (which consist of high-level aggregate historical data to calculate averages and form projections), Wellnecity utilizes a decision support system to dive deeper into the data to create data specific solutions to your employees. With this decision support data principal, Wellnecity informs employers of what action steps to take to maximize value. These include creating a customized solution set, a menu of improvement options with financial impact, and customized roll-out for ProActive Health Plan Management.
John Quinn, founder and CEO of Wellnecity explains the impact his team has on clients, sharing these comments from a user of the platform: “Armed with Wellnecity’s insights, I was able to get our executive team to make decisions on annual benefits in 30 minutes that previous we found impossible to get consensus on. One executive turned to me afterward and explained–what just happened? Surprised by how quickly decisions were made with intelligent insight.”
Quick results and pin-pointed answers. If an employer, for instance, faces a shock claim today, Wellnecity can identify the underlying cause behind the high-cost claimant and provide tactical solutions to the employer immediately.
In addition to driving value for the employer, Wellnecity supports the broker or consultant by providing data to curate back to the employer team. Wellnecity creates room for higher quality conversations and data-backed decisions. For vendor stacks, Wellnecity’s information hub enables employers to unbundle their healthcare plan to dissipate siloes in order to determine what’s working and what’s not.
The bottom line is that with Wellnecity’s technology, employers can save up to $2,000 per employee, per year.
Merging modern technology with human expertise and digestible decision making
Wellnecity is not limited to providing the innovative technology or data; a one-stop shop, Wellnecity provides the human experts and staff to curate the messaging from the data and to help management make better decisions. For brokers or consultants, Wellnecity serves as a complimentary service by providing data to back their decisions. For employers, Wellnecity lowers the HR burden by functioning as an extension of the HR team, providing trusted information and guidance.
Turning the dial on better quality, savings, data, and human expertise
Wellnecity’s solutions mean that employers’ budgets no longer need to be eaten alive. When describing Wellnecity’s function in the benefits world, CEO John Quinn of Wellnecity articulated a quote from a BASF commercial: “We don’t make the products that you use, we make the products that you use perform better.”
