Using real care and cost data over an extended period of time that mimics real world experiences and shows optimization across health care markets. What if workers and dependents could right-fit their own benefits using the power of such analytics? It would revolutionize shopping for health coverage – especially for large companies with up to several thousand workers.
BundleMe™, the leading-edge tool created by Hixme and design collaborator Axene Health Partners (AHP) does just that. BundleMe™ enhances the unique Hixme value proposition for large employers seeking high-tech, big data capabilities to bring greater Direct-to-Consumer dynamics to a traditional benefits model. (This is superior to traditional models that are characterized by out of control cost increases and rapidly deteriorating worker satisfaction due to a one-size-fits-all foundation.)
According to Hixme Vice President Karen Albanese, “With BundleMe, in the blink of an eye we can compare health plan structures and coverage levels among traditional employer programs and the most unique bundle solutions provided by the Hixme WorkPlace Market ™ platform. We are able to compare increasingly popular (but volatile) self-funding and insurance-only approaches to Hixme’s much more unique coverage structures, where banking and other financial service elements are leveraged.”
BundleMe™ will be used exclusively by Hixme and its expanding network of partners to demonstrate at a penetrating level the value of Hixme’s core offering, the Hixme Bundle™. The Bundle tightly integrates a safety net of self-funded mechanisms with a health insurance core, using fintech and insurtech components, knitted together in part using the results of BundleMe-based algorithms.
How BundleMe™ works
“The tool leverages detailed health care cost experience for a very large, credible, random sample population of individuals, organized longitudinally over a full year,” explains AHP consulting actuary John Fritz. “BundleMe™ then evaluates member benefit costs by reprocessing’ the claims for the population. Results are then compared to more traditional coverage levels over time, and workers can view the relative value of the many Hixme Bundles available.
“This is how a Hixme client can be assured that their workers will be drawn to choose the most effective, affordable Bundle solution,” says Amir Pirnia, Hixme’s VP of Engineering. “Unnecessary out-of-pocket costs are also minimized for the worker.”
He explains, “The model is simple to use and the output has been tailored to integrate well with Hixme’s other tools. It is also very scalable. We will be able to accurately see the value of the Hixme Bundles each time carriers change underlying plans and pricing.”
According to Denny Weinberg, Hixme CEO, “Decision makers have the assurance of scientifically determined, mathematically accurate comparisons of Hixme’s product values to traditional insurance products.”
For example, a real life BundleMe simulation revealed a Hixme Bundle (in contrast to traditional coverage for the same situation) would result in an annual savings of:
— ($1,700 to $3,000) in total out of pocket costs for a person who had a minor illness at some point during the plan year
— ($2,300 to $2,900) in total out of pocket costs for a person who had a pregnancy during the plan year
— ($3,600 to $4,500) in total for a person who had a broken wrist at some time during the plan year
The design of BundleMe is uniquely Hixme, and the modeling that drives it is uniquely AHP. “As a respected actuarial consulting firm for many government agencies and insurers with sophisticated modeling capabilities, AHP was the perfect Hixme partner to help create this relative value analytics tool,” says Albanese. “They have the experience and database capacity to help us unlock the insights necessary to present credible, detailed, quantifiable comparisons.”
“Collaborating with Hixme on proving the value of their unique approach has been deeply gratifying,” says Fritz. “What they are offering is innovative and will greatly improve the choices for companies and their workers. We are happy to help them show the relative value of their bundled products in the marketplace.”
According to Weinberg, Hixme’s investment in a sophisticated data driven tool is part of a growing and important trend, referring to a recent article in Employee Benefits Advisor, How Data Analytics is Changing Employee Benefit Strategies. It shows how companies can use consumer behavior insights to drive employee benefits strategy. Weinberg says he agrees with the finding of the author, Eric Helman, who observes that, “While the future of healthcare reform is in doubt, the potential for actionable analytics to significantly change the trajectory of the employer’s benefits costs is certain.”
“Hixme is committed to adding tremendous value to the market with advanced technology and creative, cost saving solutions,” Weinberg says. “By developing this sophisticated technology we can effectively communicate the potential of cost savings initiatives to decision makers to support them to bring back the benefit to their workers.”