Lower Healthcare Costs and Patient Satisfaction: Employers Can Have Both
Driving down healthcare costs and improving the healthcare experience don’t have to be mutually exclusive goals for self-insured employers.
As evidenced by the results achieved by Accolade customers, innovative approaches to healthcare can help employers bend the cost curve and improve employee satisfaction at the same time. With Accolade’s engagement and influence model, which combines high-touch human interaction, data-driven insight and learning technologies, large employers are seeing dramatic results, including:
- Up to 15% savings in claim costs by year five (up to 3-5% savings in the first year)
- a 98% rate of satisfaction with the service
- 70% engagement with an Accolade Health Assistant, representing 90% of the medical claims spend
It all adds up to a return-on-investment ratio of 3:1—and a story we’re excited to share. In a new whitepaper: Driving healthcare savings and satisfaction; Accolade Methodology and Results, we go beyond the summary results and dive into the methodology. You’ll learn:
- How the Accolade model works
- How employer cost savings are measured
- About the factors used in Accolade’s cost savings calculation
- Why the savings achieved by Accolade customers have been validated by consultants at Milliman, Inc., a renowned actuarial firm.
And then we take a deeper look into the data of three large self-insured employers and the savings (in millions of dollars) achieved by each organization over time. In all three cases, customers outperformed market trends by a significant margin:
- With approximately 38,000 members and 18,000 employees, the first customer case discussed in our whitepaper realized costs savings of more than $24 million across a six-year period—savings that enabled it to maintain its medical plan design while increasing the take-home pay of its employees.
- The second illustrated customer, with approximately 70,000 members, achieved $25 million in savings in year four of the service. A look into those numbers demonstrates that annualized trends over the entire service period for this customer was just 2.1 % per year, significantly lower than the annual expected trend of 4.3%.
- Finally, a third customer with some 55,000 members, realized savings of nearly $20 million in three years. Here, annualized trends over the entire service period have been 1.0% per year, significantly below the annual expected trend of 3.3%.
And what about employee satisfaction? You’ll find an explanation of Accolade’s use of the Net Promoter Score (NPS) survey to measure it.
In a time of uncertainty when it comes to healthcare reform, self-insured employers are taking action, adopting innovative approaches that are driving healthcare spending down and employee satisfaction up.
Download the paper to learn how.