How many business and financial decisions are made every day based on data? I would suggest that any CFO would have their head handed to them, should they present to the CEO financial forecasts without supporting data.
Remember Andy Rooney from 60 Minutes fame? You can hear him say in his distinctive voice, “Why do they put all that cotton in pill containers?”. He asks the questions American asks themselves. One question CEO’s and CFO’s should be asking themselves is why do we make million dollar decisions on healthcare without the data?
Be sure the following questions are asked and answered:
- Who has the fiduciary obligation with the assets of your company’s healthcare plan?
- Do you have control over your company’s health plan data?
- How does a company strategically plan without control of the data?
- How does your finance team forecast future health costs without knowing the past?
Let’s summon Andy Rooney one more time. Ever notice a section of the law ERISA that grants employers full rights to their plan data that supersedes the insurance company contract?
Then there is the recently passed Consolidated Appropriations Act of 2021 or CAA. This legislation addresses surprise billing, provider price transparency and health plan price transparency. Simply put, this enhances and supports ERISA’s assertion that the plan fiduciary has the legal, moral and financial responsibility of a company’s health plan assets.
How valuable would it be to make 100% of your health plan decisions based on data?
Contact MBA to learn how you can have control of your data and your healthcare spend once and for all!