Even people who broker and sell health insurance are right in here too with compensation cuts and of course this goes back to the Medical Loss Ratios, so now you as a member will have one more person breathing down your back about wellness. The press release below goes into the solution for helping the brokers keep as much of the shrunken commissions as they can, put the wellness out on the employers and their members and you might be able to keep addition income. This is the way it all works anymore so the insurance companies can keep those record breaking profits.
You hear me talk about it all the time, they adjust the mathematics, aka the algorithms and many have to make do with less in order to give dividends to shareholders and pay those expensive CEOs that most have. Last year I had a story that listed and insurance salesman as the “bottom feeder” job in Germany and they have different situation over there than here in the US but again with the BIG ALGORITHM aka SOFTWARE SOLUION for the brokers to work with, it will require more of their time in front of the computer, running analytics and cutting back services they used to offer for free, or start charging for some services.
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Some brokers are pretty savvy and offer some unique advice on how to even apply for insurance, all at once so you don’t have to answer the question of have you been turned down.
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So the press release below is one software solution for the brokers to put them on the analytics path here to work harder for less. Don’t you just love watching the expense of being efficient as in healthcare the software and algorithms keep building on each other, and we have to buy more software to keep the income levels we currently have. It’s all about those algorithms!! Here’s a story from last year with Untied Healthcare being sued over this matter.
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So once more, the insurance brokers will be using predictive analytics and any other information they may be supplied, aka like from the insurance companies they represent or data someone else sells them to be down your back as if you don’t get enough of this elsewhere but heck it’s one booming market for the software folks and we really don’t know how well it pays off as the country keeps getting fatter as we read in the news of late.
I just hope they are not using companies like FICO who use your credit rating information to sell their algorithms to insurers that they seem to predict your risk assessment of being compliant with taking medications, so there’s a lot of so called “bogus” algorithms that add “perceptual value” and when it comes down the the predictive behavioral part of it all, it ends up just being one more algorithm to deny service or care. I hope the world wakes up soon to this fact about sorting the good algos from the ones created to make money only. Algorithms of this type are only the continued fleecing of the American Public. Will the brokers or insurers buy this software, if it makes profits for them, regardless of whether or not patients get care I would almost guess they would. BD
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Healthcare Performance Management is Delivering a Competitive Edge to Brokers
BETHESDA, MD. (July 11) -- Insurance brokers are leveraging technology in a groundbreaking way to make valuable healthcare recommendations to their clients, according to a new report from the Healthcare Performance Management Institute.
"With rising costs in every aspect of the health benefits process, brokers and their customers have struggled to find real solutions," said George Pantos, Executive Director of the Institute.
"Thanks to new technology," Pantos continued, "brokers can guide and advise a client with real-time, analyzed claim data and help them predict future risks and costs. With this information, the client can implement targeted wellness campaigns to reduce spending and maintain a high quality of benefits."
Healthcare Performance Management (HPM) technology allows brokers to keep important insurance data at their fingertips and make knowledgeable assessments for their clients.
"Healthcare Performance Management allows me to get to the root of the problem. My business customers don't manage anything in their company in a reactive setting - why should their healthcare be any different?" says Robert Petcove, president of Advanced Benefit Advisors and an employee benefits broker in Cherry Hill, N.J.
As companies seek ways to address rising healthcare costs, the need for innovation becomes even more critical. HPM provides highly valuable data to brokers and helps companies find the best possible healthcare options.
"By incorporating HPM into the equation, brokers don't just cut costs for their customers -- they leverage vital data into solutions that reduce the risk of catastrophic health conditions," continued Pantos. "With commissions being cut by many of the health insurance companies, brokers need to find a new way to create revenue streams while enhancing the value they bring to their customers."
To download a copy of "The Changing Role of Healthcare Brokers," please visit http://www.hpminstitute.org/content/changing-role-healthcare-brokers-new-business-model-provides-brokers-competitive-edge.
For more information or to set up an interview with Healthcare Performance Management Institute Executive Director George Pantos, please contact Robby Schrum at firstname.lastname@example.org.
About the HPM Institute
The Healthcare Performance Management Institute (HPM Institute) is a research and education organization dedicated to promoting the use of business technology and management principles that deliver better and more cost-effective healthcare benefits for employers who cover their employees.
The Institute's mission is to introduce and develop a new corporate discipline called Healthcare Performance Management (HPM) -- a technology-enabled business strategy that tackles the challenge of controlling healthcare cost and quality in much the same way that enterprises have optimized customer relations, supply chain management and enterprise resource management. HPM provides C-level executives with visibility and control over company healthcare benefits spending trends and risk management postures, while protecting individual employee privacy.