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Today’s benefits consultant has been tasked with bringing innovation to their clients that can reduce risk or reduce costs associated with their client employer’s health care expense.  An employer’s historical and present-day data will contain evidentiary information that can drive future risk management strategies; however, many analytics platforms do not necessarily yield detailed instructions concerning actionable items found within the data analysis.  Many platforms can add numbers and rank cost drivers but deriving the pearls of actionability from the data platform oftentimes requires expertise in various disciplines (i.e., epidemiology, wellness, insurance, etc.).  Based on this fact, how can a benefits consultant become familiar with navigating and deriving risk management innovations through the use of advanced data analytics?   It all begins with developing an understanding of the evolution of risk and potential solutions that can be paired with this risk for amelioration.

In order to better understand bringing meaningful use to data, it all begins with the question “What is driving costs or risk?”  And the second question is: “What can I do about it?”

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