Closing the Loop to Contain Costs
The closed-loop system at Evive makes amazing outcomes possible in a number of ways. I’ve previously written about the life-changing results it brings—things like early diagnoses, adherence to future recommended care, and better health overall.
But along with living healthier lives, people benefit from reduced and avoided expenses: money saved from unnecessary treatments or choosing the wrong health plan. While the closed loop empowers people to have better benefits experiences, it also helps them save costs—while employers realize a meaningful return on investment, too.
Same actions, multiple impacts
Evive’s commitment to the closed loop draws from our philosophy that where there’s data, there’s opportunity. The closed loop ensures we’re up-to-date with a workforce’s evolving needs and circumstances, and it helps us continuously learn from the various actions that take place. As we use big data and predictive analytics to drive people to the right actions in the right moments, the closed loop learns from those actions (or inactions) and determines what should be communicated next.
This approach increases the chances for better results—and those results can span a number of areas. While health is at the forefront, let’s consider the other kinds of impacts that occur:
- When the closed loop helps determine the next best way to nudge someone about a preventive screening, and the person gets that screening, the news they get can be twofold. If they learn of an early cancer diagnosis, the health benefit is, of course, that they’ve caught the disease early. The added financial benefit is the money they save by avoiding costly, major treatments down the road.
- Let’s say data-driven nudges in MyEvive have been encouraging someone to compare their brand-name medication with the price of generics. If the person hasn’t acted on these nudges, the closed loop prompts a different type of message to inspire action. When this person engages with the next nudge and ends up switching to generics, they’re not only continuing to adhere to an important prescription for their health—they’re saving money directly every time they fill it.
- A more nuanced example comes around open enrollment. Our health-plan decision support tool, Evive Plan Choice, has driven employees to enroll in more relevant health plans that can save them more than a thousand dollars each, on average. The closed loop can identify who still needs to enroll, who might benefit from a switch, and other relevant opportunities. When someone switches to the optimal plan, they’re not just getting access to the right type of coverage; they’re avoiding unnecessary added premiums and out-of-pocket costs.
Measure the results you care about
Our clients are strategic in choosing the eOS solutions that will help them achieve their goals. With each solution comes the support of the closed loop, creating value for both the employees and the employer.
In the spirit of keeping things relevant, we customize reporting so employers learn about the results they care about. If containing costs is the ultimate goal, those numbers are highlighted whether they relate to incentive activities, health plan selections, completed screenings, or increased engagement with other point solutions. With the help of data-driven guidance and the closed loop, more and more people are getting preventive and chronic screenings, utilizing second opinion services, choosing the optimal health plan for them and their families, and finding the right doctors: all of which are helping to prevent waste in healthcare.
We’ve always used data to deliver better outcomes that employers seek—and a financial return is a big part of that. The ability to connect the dots between actions taken and the dollars saved is our key to containing costs.