Designing a competitive and affordable benefits plan is a top challenge for many self-funded employers, brokers, and consultants. But these plans are essential to attract and retain top talent in a tight job market.
Benchmarking is one of the most effective ways to compare performance across a wide range of meaningful metrics. Yet only about one-third of organizations report using their data for this purpose. Many business leaders say the process of capturing, cleansing, and enriching the right data to use in sophisticated benchmarking analyses is "very" or "extremely" challenging.
When you have the right tools, benchmarking helps:
- Understand how your costs and utilization compare on a regional or national level
- Identify and implement appropriate plan objectives for your member population
- Make more strategic and data-driven decisions when building or changing benefits plans