An innovative and data-driven approach with three tangible solutions to measure employee benefits ROI
Mercer Marsh Benefits announced today the launch of Benefits ForecasterTM in Singapore, a tool for companies to predict their benefits costs with greater accuracy, uncover possible savings opportunities, and assess the sustainability of benefits programs, while providing the data-driven metrics which companies need to track their benefits ROI successfully. The launch of Benefits ForecasterTM in Hong Kong, China and the Philippines, will follow in 2017.
The cost of medical benefits are rapidly escalating, as much as 10-20% year-on-year1, and human resources (HR) is being held accountable for this increased spend. This is compelling organizations to find a simpler way of understanding where the gaps and risks exist in their current employee benefits programs. Having this information is critical and will allow them to predict their benefits costs and plan savings in the future.
Liana Attard, Mercer's Consulting Leader for Asia, Middle East & Africa, shared findings from a recent Mercer Marsh Benefits survey, "Employers in Asia typically collect medical claims history data, absence data and physical check-up data from their employees. But less than 10% of HR professionals use a data driven approach to determine if their benefits program is truly meeting their employees' needs and their bottom line". She adds, "Tapping into the power of employees' data is critical in successfully managing a sustainable and meaningful benefits program."
Michel Faucher, Mercer's Growth Markets Region Employee Health & Benefits Leader adds, "Based on our experience in understanding the difficulties faced by clients in defining and measuring benefits ROI, we are quite certain that leveraging a data diagnostics tool such as Benefits ForecasterTM can assist in profiling employee health risks and predict future benefit costs, offering innovative interventions that are measurable. By coming to the table with data-driven recommendations, HR can influence key decision-makers and be a strategic partner in finding benefits solutions that make sense for their employees and business."
Benefits ForecasterTM provides three tangible and measurable solutions - clinic review, claims audit and targeted wellness interventions (figure 1).
In addition to offering solutions that could potentially provide significant savings, Benefits ForecasterTM also allows companies to collect important insights about their workforce and organization, such as:
- Align their workforce data with medical costs.
- Conduct predictive modelling on future costs of benefits and ROI.
- Understand the industry benchmark by comparing their average outpatient costs (e.g. general practitioners) to others in the market.
- Find out if they are paying for claims that are incorrectly adjudicated.
- Understand their employees' key health risks and provide tangible and measurable interventions to address those risks
To find out more about Mercer Marsh Benefits ForecasterTM, visit www.benefitsforecaster.com.
1 Mercer Marsh Benefits Total Health and Choice in Benefits 2013 – 2014 Survey
About Mercer Marsh Benefits
Mercer Marsh Benefits provides clients with a single source for managing the costs, people risks, and complexities of employee benefits. The network is a combination of Mercer and Marsh local offices around the world, plus country correspondents who have been selected based on specific criteria. Our benefits experts, located in 135 countries and servicing clients in more than 150 countries, are deeply knowledgeable about their local markets. Through our locally established businesses, we have a unique common platform that allows us to serve clients with global consistency and locally unique solutions.