Health Benefits Intelligence
BenefitsWatch offers self-insured employers a highly-effective solution, comprised of health benefits intelligence and financial benchmarking tools, to identify errors in health care claims and to determine the best solution for lowering future costs.It provides updated performance metric patterns through the health benefits intelligence from an ongoing analysis gained from reviewing your data and plan performance. The benefits analysis is then utilized by HDM's experienced staff to convert into key recommendations and actionable solutions for you, the employer.
The following is the process flow of BenefitsWatch.

Vendor Management
BenefitsWatch provides a forum for employers to easily track the progress of implementing a "best practices" vendor management strategy. Best practices is a strategy to manage health vendor relations and implement a plan for continuous improvement of performance, thus reducing the risk and cost of health benefits. It is the process of defining outcomes and performance expectations, comparing vendor performance to industry benchmarks and taking action based on business intelligence derived from analysis of health benefits data.

Data Warehouse
Single source for claims, eligibility and benefits data. Integrates multiple employer health databases into a single source, warehouses the data, including; medical claims, pharmacy claims, benefits data and personnel data. It begins with at least two years of data and then offers continuous research and benchmarking using the expanded claims data warehouse from monthly/quarterly data imports, as well as ongoing software enhancements.

Enterprise Reporting
The data warehouse offers clean data useful for regular and timely analytical reports. Reports are delivered via a web-based interface. Robust reporting allows customers to pinpoint direct and indirect health expenditures, performance of health plans, model benefit design, medical loss ratio, results of cost containment programs, financial/actuarial analysis and identify recovery opportunities.

Decision Support
BenefitsWatch is a decision support system designed to support business and organizational decision-making activities. It is an interactive software-based system intended to help decision makers compile useful information from raw data, documents and business models to identify and solve problems and make decisions.

Ongoing Auditing
Data analysis to support ongoing audits of vendors and surveillance of plan administration.

To learn more about our cost containment solutions for self-insured employers, contact HDM today at 800.859.5119 or request information with our online form. You may also send an email to: info@HDMinc.com.