Benchmarking reports are useful when assessments are derived from apple-to-apple comparisons. Our consultants help clients identify metrics and provide insight for evaluating performance against established business goals. We help clients identify areas of performance gaps and suggest improvement parameters.
By using benchmarks from health economies that deliver best-practice care and optimal infrastructure, we can help you understand your strengths and weaknesses and identify where to invest resources to improve the delivery of care for your population. We develop benchmarks for specific and customized business needs and help clients examine the overall experience or a particular subset, such as a line of business, group, or diagnosis.
Benchmark comparison analysis could be used by insurers in the group health insurance segment in India. Insurers may be able to perform an analysis of their group health portfolio to estimate the benchmark cost and utilization rates for various disease groups, age-gender groups, area etc. Once these benchmarks are created, the performance of a particular employer group may be compared against the benchmarks to identify areas of concern.
Benchmarking analysis for US health insurance plan
We worked with a large US health insurance plan to compare their per-member-per-month claims cost with our cost benchmarks for the US market. We extracted their actual claims numbers from their database and calculated the claims costs and other metrics. To compare these metrics values with our benchmarks, we adjusted our benchmarks to bring them in line with the client’s plan benefits and age gender distributions. By comparing their actual with our benchmarks we could identify the drivers for the variances. This helped the client to recognize the areas it wants to focus on to improve its performance and also identify the areas in which it was performing well.