MUSKEGO, Wis. – A new video released by InterLutions CUSO explains how credit unions can now access healthcare big data that it says will help HR staff create more attractive and affordable employee benefit packages.
The enhanced data is available through I-Care, a community of healthcare professionals, experts and analysts providing credit unions with employee benefit solutions.
“As the healthcare open enrollment period begins, we wanted to share stories about the cost savings and varied benefits that I-Care credit unions have experienced as a result of gaining access to better data and analytics,” said Jesse Kohl, InterLutions president. “This video explains how big data has helped several credit unions make better-informed, long-term, strategic decisions that have already improved their employee benefit plans and cut costs. It also describes how collaboration will further enhance those improved plans and cost reductions as more credit unions partner with I-Care.”
The video focuses on how collaborating through I-Care empowers credit unions to more accurately track and forecast future benefit costs, as well as identify their top cost drivers. According to Kohl, general medical inflation and rising specialty pharmaceutical costs are driving price hikes. If these two emerging factors are left unchecked, most credit unions could average at least a 5–10% annual increase in health insurance costs.
“In a recent statistical analysis of 1.6 million claims, the top 1.2% of all claims contributed 39.4% of all claims costs. With analyses that identify the largest contributors to health plan budget breakers, credit unions can build targeted strategies to control long-term benefit plan outlays,” Kohl said.
The video’s testimonial providers compare employee benefit administration, costs and benefit offerings both before and after acquiring access to I-Care’s big data.
Video participants include Fox Communities CU AVP of HR Terri Green; Kohler CU CFO John Ehmann and HR Director Melissa Doebert; Landmark CU CFO David Powers and HR Vice President Jodi Greenmeier; Educators CU Chief People Officer Peter Stein, and InterLutions Chairman Chris Felton.
InterLutions posts all its I-Care videos on its website.