Gain The Benefits Of Benchmarking With Insight®

The combination of healthcare reform and trying economic times is driving healthcare organizations to find new ways to manage their financial and clinical performance. A crucial piece of every strategy is the use of benchmarks for setting goals, measuring performance, and communicating objectives to a wide range of stakeholders.

Often, healthcare organizations perform one-time benchmark studies using external bodies and their static benchmarks. This use of external data is no longer adequate for today’s fiercely competitive and rapidly evolving marketplace. The Insight® Mid-Market Benchmark Survey has the ability to provide details, size capabilities and time frames that external benchmarks cannot rival.

Insight® provides analysis of the population in various views, starting with an independent benefit service perspective based on industry standards that have been modeling healthcare utilization for more than 70 years. The tool supports numerous means to aggregate and drill into data sets as its core capability and produces meaningful benchmarks. 

What Are The Benefits?

The Insight® Mid-Market Benchmark Survey offers the ability to generate custom benchmarks with deep drill-downs of Insight® for almost all commercial and Medicare and Medicaid populations, geographic regions and benefit plans. The vast Insight® database, rigorous organizational methods and advanced adjustment factors let you effectively use your data for:

  • Medical Loss Ratio Analysis
  • Healthcare Reform and Benefit Modeling
  • Performance and Trend Management
  • Custom Methods

Our actuarial relationship allows us to drill deeper into your results for the most accurate insights. One of the largest healthcare industry normative data sets in the country, it includes contributors such as national payor, large employers and the Centers for Medicare and Medicaid Services 5% data sample, among others. The database contains millions of lives and billions of records of medical claims, pharmaceutical claims and eligibility information. We employ rigorous data collection methods, along with actuarial adjustment factors, to create the most credible database for benchmarking.

Our actuarial research team applies the highest standards of data integrity to the empirical data in order to create advanced adjustment factors, such as the following:

  • Geography and industry
  • Age and gender
  • Benefit design
  • Group size (Individual, Small and Large Groups)
  • Calculations from a continuum of loosely managed to well-managed, constantly striving to meet national best practices, regardless of regional variation.
  • Custom parameters that leverage the Insight® empirical database to create personalized adjustment factors.

The Insight® Mid-Market Benchmark Survey offers the ability to generate custom benchmarks with deep drill-downs of Insight® for almost all benefit plans. The vast database lets you effectively benchmark your data by:

  • Region (city, state, etc.)
  • Industry
  • Group Size
  • Employer Type