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5 minute read
It’s okay to admit it; benefit brokers and advisors aren’t full-time analysts, nor should they be.
In order to deliver reports that can help their clients make informed budget and financial decisions, advisors generally spend countless tedious hours herding data from multiple sources to piece together a financial report. The lack of consistent data standards in the healthcare industry further complicates the process of compiling data. This results in valuable time being lost sifting through information in order to pinpoint actionable next steps for their employer clients.
Artemis streamlines and simplifies this mind-numbing process through analytics using Cost Advisor.
Cost Advisor is the new automated financial reporting solution that enables brokers to create standard or customized financial reports effortlessly. It frees up more time to guide their clients to make the best decisions for their benefits programs.
Here are three ways Artemis Cost Advisor takes care of the busy work so brokers can spend more time on their specialty, providing advice and sound benefits recommendations for their clients:
With Cost Advisor, the monthly headache of gathering and configuring various inputs into a stale excel sheet is a thing of the past. Now, brokers can once and for all say goodbye to wading through data from many different sources and spending hours consolidating reports.
Set up is simple through a guided step-by-step process. Cost Advisor pulls enrollment information by plan, medical data, and Rx claims. Current Artemis clients can even leverage data already in the system, further streamlining the report setup.
Built with the brokers’ unique business needs in mind, the guided setup includes custom branding options such as client logo upload, brand colors, and more. Creating, maintaining, and referencing client-tailored financial reports with Artemis Cost Advisor becomes a breeze.
Cost Advisor allows brokers to set up monthly cost reports for health plan line items, such as stop-loss insurance, monthly contributions, and other recurring fixed costs. This transparency tool makes it easy to track monthly expenses per employee, year-to-date total expenses, pharmacy rebate breakdowns, enrollment by plan, and the budget for each plan.
Customizable reports allow brokers to include and rearrange relevant data to help visualize variability in claims spending month-over-month. Users can add historical information and easily mix data in a way that makes sense for them. Cost Advisor users can also create a custom report once and then roll it out to their entire book of business.
Advisors can seamlessly share their branded budget analysis with their employer clients. With polished standard and custom recurring reports, brokers can forgo their monthly manual process while still accurately showing spending and quickly identifying high cost claimants. Reports can easily be sent to clients in their preferred view through exports in several formats for easy dissemination.
Besides cutting back on labor-intensive and repetitive reporting tasks, Cost Advisor also empowers brokers and their clients to make informed, data-driven medical and Rx spending decisions backed by flexible reporting.
Financial reporting helps users easily pinpoint areas of high spending and understand how each health plan offering is performing. With validated data combined from multiple sources, such as enrollment rates, paid claims, and details about high cost claimants, the automatic budget reports deliver the data and insights employers need to understand and predict high cost claimants and make informed budgeting decisions.
Gaining back the dozens of hours each month previously spent on gathering inputs, advisors have more time to understand each of their clients’ budgets. Brokers equipped with Cost Advisor can focus more on exploration, leveraging data, and sharing their sound recommendations, and offer their expert guidance. From tracking spending to forecasting high cost claimant expenses, Cost Advisor helps brokers quickly visualize budgets and show the effectiveness of selected benefits packages and their recommendations.
Are you ready to simplify your financial reporting process with streamlined reports? Discover more about Cost Advisor and start saving time today.