A Fiduciary's Guide to Data Analytics with Agility Innovation Partners
This episode is a follow-up to my video "The Consolidated Appropriations Act 101 - Comply or Die?"
The Consolidated Appropriations Act, otherwise known as the CAA, established protections for consumers related to surprise billing and transparency in health care.
Upcoming fines can and will be heavy, amounting to $100/day PER EMPLOYEE, which is substantially greater than the fines hospitals receiving for being non-compliant, which was only $300 total day. The goal for employers immediately is not to be perfect by 12/27/22, but to at least show that they made a good faith effort to be compliant.
Watch Part 1 of the CAA below
https://www.youtube.com/watch?v=I7g6idLkgrc
In this Episode - Part 2 - we focus on an employer's fiduciary responsibility now that they have access to claims and pricing data due to the CAA regulation, and the power of using an innovative Data Analytics platform.
Agility Innovation Partners helps offer a data analytics platform with "at-scale pricing" to small-to-mid-market brokers who may not have the leverage on their own. They also offer consulting after the decision to purchase a data analytics platform called Innovu, so that consultants can make sure they maximize the ROI on their investment.
Innovu also offers a CAA fiduciary tool stack with benchmarking against 4 million lives for plan design, claims cost, plan design etc, so that an employer can determine if they are paying reasonable cost for care and are compliant. If not, now they know and can take action!
Here is a recent article covering the CAA in greater detail, and outlining the employer obligation to be compliant. Hat's off to Dave Chase, co-founder and CEO of Health Rosetta for bringing it to my attention!
https://docket.acc.com/erisa-covered-companies-must-disclose-health-plan-costs
Chapters:
0:00 Intro & Part 1 Recap
3:15 Brian's Career in Data Analytics
7:30 Why You Need a Data Analytics Consultant
12:58 How Much of the Market Uses a Platform?
18:20 What Kind of Data Can you Get?
24:30 The Key to the "Black Box"
30:45 How Big is the Problem?
38:20 How to Have the Hard Conversation
42:48 Closing Thoughts
