Artemis Actionable Overspending helps you easily compare your overspending to that of the 6M+ lives in the Artemis book of business to determine where you can save.
Artemis Health guarantees cost savings identification that will equal your first year of platform fees.
Watch the video to see how our tools help employers identify cost savings in their benefits programs. We can do the same for you.
Managing benefits costs is suddenly top of mind for everyone in the benefits industry. Self-insured employers are under pressure to contain rising costs, and consultants and brokers are often asked to recommend new tactics and ideas for reducing wasted spend. Artemis Health helps you dive deep into employee benefits analytics, find opportunities to reduce costs, and create better benefits experiences for employees.
Here’s a good example from the wasted spending often found in pharmacy claims. While some drugs to help control diabetes are inexpensive and available as generics, others are branded and patented. This can make all the difference for the payer.
Artemis Health worked with a self-insured employer and their benefits broker to look more closely at their spending for one formulation of a Type II Diabetes drug. In the client’s population, we found that 11 members were taking Branded Drug A, which cost the plan approximately $238,000 per year. An additional 16 members were taking Branded Drug B at $61,000 per year. Other Type II Diabetes patients on the plan totaling 1400 people were taking two generic versions of this medication for a total of just $41,000 per year.
Doctors often don’t have access to prescription drug prices when they’re prescribing a drug, and patients only find out the cost when they pick it up at the pharmacy. The broker and employer were able to quickly take action on this overspending by modifying their pharmacy formulary to remove the more expensive formulations of this particular diabetes medication.
This kind of swift reaction to benefits overspending is how employers and advisors can work together for better, more efficient, and more effective solutions. Artemis Health’s benefits analytics software is the key to finding opportunities, making benefits changes, and helping employees lead healthier lives.
Check out Artemis Health case studies, blog, ebooks, webinars, videos, and other resources to help you make the most of your benefits data.