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Controlling Costs

Controlling Health Care Costs

The first step in managing health care costs is understanding how much you can or will spend and how services are priced and valued. MedCost provides comprehensive analysis and reporting of the use or lack of use of your health care benefits. This helps the MedCost team manage and mitigate the risk of upcoming health concerns as well as encourage use of preventive health services. We also help control costs by providing a cost estimating tool for your employees for their shoppable procedures. The tool is designed to help your employees choose the best care at the most competitive price, providing a savings for you both. 

Comprehensive Analysis and Reporting

The ability to adjust and respond to your company’s needs and use of your benefits plan is one of the advantages of a self-funded plan. An in-depth report and data analysis is prepared quarterly so we can proactively recommend changes in plan design. These documents are comprehensive and provide insights from both a clinical care and financial perspective. Predictive modeling allows us to provide you an overview of your employee population and mitigate risks. An employee stratification is developed based on risk and expected use of services allowing intervening care programs to reduce financial implications. Benchmarking analytics help you compare your health plan and usage to other companies.

Cost Comparison Tool

Powered by health plan data and claims information, the Cost Comparison Tool reveals the costs of hundreds of common medical services on a member-specific level and can help your employees make more informed, cost-effective care decisions. Patient reviews and quality ratings provide additional context and information about the providers. Shopping for care is easy for employees—the tool is available in their secure member account. The Cost Comparison Tool meets the requirements of both the Payer Transparency in Coverage rule’s self-service shopping tool and the No Surprises Act’s price comparison tool. 

Customized Online Access to Help Manage Care and Costs

An understanding of the overall health and individual risks of your employee population is critical to managing health plan costs. Easy-to-use online tools are offered in addition to our comprehensive outcomes package allowing you access to your company’s benefit use and information 24/7. Our interactive online report tool allows you to run standard reports such as care management, check register and inpatient status at your convenience. You can filter information in the manner that works best for your company.