Quantifying the Impact of a HCIQ Partnership: 4 Ways Clients are Measuring Value and Identifying Gains
In this article, you'll learn some of the ways HCIQ clients are extracting value from their HCIQ partnership.
Health Cost IQ (HCIQ) exists to help entities within the self-insured ecosystem (employers, PEOs, captives, educational consortiums, and more) save money within their health plans. HCIQ also helps its clients assume multiple other benefits, such as increased profits, a permanent end to manual data
entry via automation, and a more streamlined approach to administrative processes. Every HCIQ client has benefited from our fast and efficient onboarding process.
1. Reduced spending: One large educational consortium partnered with HCIQ to rein in rising healthcare costs. HCIQ’s cost-saving algorithms and innovative, automated data processing technology have worked well for this client. They've been equipped to consistently identify crucial opportunities for reducing costs. As a result, they’ve achieved a 20% reduction in annual healthcare spending, translating to hundreds of thousands of dollars in savings that can now be reallocated to other vital areas in the business. This savings trend isn’t unique to this one client. Leveraging HCIQ’s proprietary HealthAnalytIQ software platform, most clients save an average of 20-30% annually on their healthcare spend, with savings ranging from hundreds of thousands of dollars for midsize entities to tens of millions of dollars for larger enterprises in reduced health plan spend.
2. Increased profits: HCIQ has been helpful to clients in specific markets who are looking to improve their margins and boost their bottom line. Professional Employer Organizations (PEOs), for example, save an average of 20% on their healthcare spending while increasing profits by 30%. This makes HCIQ’s platform attractive for companies looking to increase profitability and manage healthcare costs efficiently while maintaining high-quality care for employees and their families.
3. Streamlined administrative processes: HCIQ's fully automated data processing technology, datamatIQ, reduces the time and resources needed for managing healthcare-related paperwork, greatly increasing organizational and administrative efficiency. This is particularly important for large enterprises with complex health plans and healthcare benefits programs with high administrative costs. After switching to HCIQ’s automated technology, many clients see an immediate and significant improvement in organizational and administrative efficiency, saving them hundreds of hours of administrative time. Clients can then focus on other critical areas of the business and realize additional cost savings in the process.
4. Expedited client onboarding: In an industry where the normal new client onboarding process can range from 6 - 12 months, HCIQ offers the fastest, most automated client onboarding on the market. On average, new clients go live on our platform and are ready to get to work in as little as a couple of weeks. This quick turnaround time allows new clients to start seeing results and experiencing savings sooner than they would with other platforms.
A trusting and collaborative working relationship is a top priority with each client, as this allows for constructive and productive discussions about meeting specific client needs. Leveraging the proprietary HealthAnalytIQ software platform, HCIQ clients can effectively manage rising healthcare costs while increasing profitability and administrative efficiency. It’s a win-win proposition for any self-insured entity looking to realize value and identify gains, particularly within the complexities of our healthcare system.