ACA Leads to New Workforce Insights
By Allison Manno, Executive Vice President of Product and Compliance, Health e(fx)
The Affordable Care Act has changed the way employers think about healthcare, opening their eyes to issues that can be improved for the well-being of their organization and their employees. Amid uncertainty and complexity, employers continue to view their employee healthcare plans as a critical part of remaining competitive.
In order to track employer benefits offerings, the ACA did something unheard of in the past: It required employers to aggregate and better manage complex workforce data from unrelated payroll, benefits administration and HRIS systems. This data brought with it many new opportunities for employer groups.
We at Health e(fx) have helped employers actively manage their data each month to comply with healthcare laws at the federal, state and city level. Our comprehensive solution allows our clients to view their transformed payroll, benefits and HRIS data in real-time so they can make informed strategic decisions about healthcare compliance and reporting, benefits offerings and workforce management.
With the right analytics solution, human resource executives can access and take action on unique insights:
* Identify savings opportunities, risks and future costs to the company.
ACA solutions that create time-aware data sets allow employers to view their data at any point in time -- past, present and future. Predictive analytics provide unique insights into savings opportunities and compliance risks.
* Make decisions about pay-based premiums.
For example, as we've seen in discussions around healthcare legislation, the American people are supportive of income-based premiums, allowing those with lower incomes to purchase plans at lower rates in the individual market. Employers that are considering a pay-based approach now have access to benefit eligibility and enrollment information by pay grades, allowing them to make informed decisions about their plan offerings.
* Manage eligibility.
Employers can use their transformed workforce data to understand when to make an offer of coverage and streamline eligibility management across their entire workforce to ensure compliance with healthcare reform guidelines.
* Spot equity issues.
Gender equity and other equity issues can lead to lawsuits and a major hit to your brand. Many employers may not even be aware of equity problems, as they are not always easy to spot. By aggregating workforce data monthly, employers now have the data at their fingertips and can work to resolve these issues in real time.
* Predict how healthcare reform will change your bottom line.
Using transformed workforce data, ACA solutions that provide predictive analytics can forecast the impact of future reform on employee eligibility, enrollment and your bottom line. For example, analytics solutions can predict what the impact would be to your organization if the definition of full-time employment changed from 30 or more hours per week to 40 hours.
With Health e(fx) workforce analytics, employers can tap into their HR data to instantly model and manage different benefits scenarios on entire workgroups, including non-active or non-eligible employees. This provides valuable insights and helps lower costs and better align employee benefits and operational strategies. Health e(fx) keeps up with the fast-changing healthcare laws and regulations at the federal, state and city level so you remain confident, compliant and competitive.