Downstream Impact of COVID-19
Below are the key takeaways from their conversation:
The Impact on Claims Data From COVID-19
Due to COVID-19 being a new virus, the information experts have access to is limited and changing hourly. Rod stresses that the CPT codes for COVID-19 were only initially introduced on March 16th, 2020. Once the AMA had this information, they were then able to begin trickling down this code to billing teams within physicians' offices, into the EMR, and through the medical claims data. With this recent timeline in mind, he estimates we're still two months out before we've gathered enough data to start compiling predictive analytics on the impact this pandemic could have on claims.
Claims Data Needs Post-COVID-19
Rod shares that mid-market employers and large employers exhibit the same problems with claims data; the only difference between employers' sizes is the team's capacity to digest and understand the data.
Regardless of team size, it’s critical that employers have the solutions necessary to make decisions based on data that’s coming from a single source. With this in mind, Rod states that one of the first things Springbuk prioritized was the ease of platform use. This focus lead our team to develop the Health Intelligence platform, to empower employers to quickly identify the problem and equip them with strategies and opportunities that ultimately decrease spend and improve the overall health of employees.
"Pre-COVID-19, MSK, mental health, and maternity were most likely the three areas that employers were addressing. However, post-COVID-19, we've seen employers prioritize analytics within their stack. Because without data, you can't make the informed decisions necessary to deliver plans that fit the changing needs of your population." - Rod Reasen
The Evolution of AI Over the Coming Years
Historically, the question has been, "How do I take this big three-ring binder and understand the data in it to make decisions?" Rod shares once the industry began to solve this and could provide the data digitally, the question shifted to, "What if I have a quick question during a client or planning meeting?" As COVID-19 has turned the industry, and the focus of employers, we've seen individuals look for familiar, easy-to-use experiences that can help guide decisions during a time filled with uncertainty. Springbuk's response to this question is our latest solution, Answers™, a curated search that equips benefits leaders with the answers to their most pressing business questions. This type of methodology will help organizations and consultants save time by quickly finding the facts needed to personalize and re-prioritize their strategies without wasting time or needing a team of data scientists.
