Cost containment vendors are responsible for ensuring best-in-class, cost-effective strategies in addition to overall program management. BST aids Cost Containment Solution Vendors by identifying effective strategies that drive member engagement and health outcomes.
Problems BST is Solving for Cost Containment Solution Vendors
- Development of an ROI Story
- Enhanced Value Proposition
- Enhanced Distribution
Development of an ROI Story
Every cost containment solution vendor needs an ROI story. BST provides cohort tracking software that will define the efficacy of cost containment programs and build an ROI analysis.
Enhanced Value Proposition
Every vendor is looking to improve their products and BST partners with vendors to determine how data science can improve the value proposition.
Cost containment vendors are looking for enhanced distribution opportunities. BST has developed prescriptive software that interfaces with hundreds of benefits consultants. Our software actively promotes vendors to benefits consultants in order to help solve their client’s problems.
How We Support Cost Containment Solution Vendors
- Data Warehouse
- Quality Analytics
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
With 24/7 access to all relevant plan data, the warehouse allows Cost Containment Solution Vendors to:
- Access and analyze organizational plan data immediately.
- Aggregate all relevant plan data for immediate or long-term use.
- Securely store and access organizational data.
- Normalize continuous in-depth data analysis.
- Multi-period/lifetime storage/data blending.
BST solves the problems that many Cost Containment Solution Vendors face with data discrepancies, member matching inconsistencies, outdated data validations, and slow processing times. BST’s technology allows for:
- The utilization of advanced data science to ingest data into a modern engine.
- Comparisons among data sets to measure the quality and rationale of newly ingested data.
- Optimal machine learning-based approaches that maximize true member matches and identify hard-to-match records.
- The leveraging of computer power and speed to load monthly files in under an average of 3 minutes.
BST provides high-level views of total block performance and enables drill-down views of individuals through critical metrics, using advanced analytics, machine learning, and optimization techniques. This allows cost containment solution vendors to:
- Place each member into the best possible scenario that drives engagement and enhances outcomes.
BST provides insights on global risk factors within a population by identifying high-cost drivers, historical patterns, and relationships at a granular level throughout the plan year. This enables cost containment solution vendors to:
- Engage with the highest-risk members for program participation.
- Evaluate members for future program participation based on claims data.
BST stands apart in the analytics space because we provide specific, actionable client recommendations. BST’s Plan Optimizer algorithmically presents the most important problem areas of a plan alongside supporting data and custom recommendations, granting vendors access to:
- Our automated prescriptive software, which helps cost containment solutions get noticed highlights their value proposition in our recommendation engine.
- Smartcards recommendations, within the tool, that provide specific actions to take in order to address certain challenges.