As a Benefits professional, your dual goals of enhancing employee well-being and satisfaction while minimizing healthcare costs presents a formidable challenge. This balancing act has become increasingly difficult, as employer spending on family coverage has skyrocketed by 75% over the past two decades, making healthcare the second largest annual expenditure for US companies.
The complex nature of healthcare financial management, compounded by a general lack of time to scrutinize each individual medical claim, often compels employers to rely on Third Party Administrators (TPAs) to safeguard their financial interests. However, the Per Employee Per Month (PEPM) pricing model. commonly used by TPAs, does not necessarily prioritize cost control for the employers they represent. Moreover, plan sponsors often lack the tools needed to ensure that TPAs are processing claims with utmost diligence. What if there were a way to shift this dynamic? What if there were a solution that not only optimized healthcare spending but empowered you to transform your approach to employee wellness?
Untapped Financial Opportunities in Healthcare
A significant, yet overlooked drain on healthcare expenses is medical overbilling, which contributes to fraud, waste, and abuse (FWA). Alarmingly, discrepancies occur on three out of every five medical claims. Without proper oversight, these overbilling errors can quietly deplete your company’s funds over time. (To learn more about common overbilling errors that could be impacting your company’s bottom line, check out our blog post, Top 6 Things Every CFO Should Know About Healthcare Spending <LINK TO BLOG>). By detecting, recovering, and preventing these errors, it’s possible to reduce healthcare expenditures by up to 10%, thereby freeing up funds to strengthen your benefit ecosystem.
Introducing Bluespine: An AI-Powered Solution for Reducing Claims Costs
You’re likely already familiar with the transformative power of AI and its potential to revolutionize various business operations. Now imagine applying this technology specifically for benefits management. Enter Bluespine, a purpose-built AI platform for HR executives, developed with the right incentives in place to proactively reduce employers’ medical claims costs.
Bluespine revolutionizes healthcare cost management by discovering and rectifying overbilling errors with unmatched efficiency. By automating a comprehensive review of claims forms and cross referencing them against your company’s unique plan documents and other data assets, Bluespine ensures that your organization only pays what it truly owes. Ensuring precision in payment accuracy across all claims filed on behalf of your employees can lead to significant savings.
Bluespine integrates seamlessly into your existing benefits management operation without any upfront fees or additional administrative burdens. Getting started requires minimal time and oversight by benefits staff, ensuring no disruption to member benefits. Importantly, the platform doesn’t require any involvement from employees in the recouping of funds. In addition to saving you money, Bluespine allows your HR team to free up time so they can refocus on other strategic initiatives for your employees.
From Savings to Enhanced Employee Benefits
The savings generated through Bluespine create opportunities for HR departments to invest in solutions tailored to the evolving needs of your workforce. The financial flexibility afforded by Bluespine allows you to bring more value to your employees, potentially including enhanced mental health services, fitness programs, preventative medicine, and other types of valuable employee benefits such as retirement plans, life insurance policies, or or even salary increases.
A Call to Action: Leading with Vision and Innovation
As an HR professional, you face a growing number of challenges. Bluespine serves as a trusted partner, perfectly aligned with your needs and priorities, enabling you to harness the power of AI to demonstrate fiscal responsibility and bring value to your company.
Integrating AI technology like Bluespine into your company’s healthcare cost management strategy is crucial for self-insured employers. By embracing this innovation, you not only strengthen your company's financial health but also elevate the standard of care and support available to your employees. The future is now, and it offers a pathway where technology and human-centric goals merge to create new value for companies and their workers alike.
Contact Bluespine at info@bluespine.io or book a demo today to discover how you can lead your organization into a new era of wellness and financial sustainability.
Start Saving Money Now
