HR Tech Focus: Data-led insights for optimum health coverage

Updated: Apr 1

HR TECHNOLOGY: Technology has a large role to play when it comes to helping HR teams accurately assess the retention value of their compensation and benefits packages.

Data analytics tools are able to give powerful insights into workforce health spending and needs in particular, but one of the newest players in this space also offers real-time pricing information from the other side of the equation. Alvin Yuan, CEO of HealthMetrics (pictured, below right), says understanding how health providers change and update their prices is key to optimising the health portion of staff compensation packages.

What specific challenges does HealthMetrics tackle for companies?

HealthMetrics aims to solve the opaque medical pricing plaguing health benefits. By automating and providing data clarity on medical claims from over 4,000 healthcare providers, we can suggest and improve health benefits budgets by removing unnecessary insurance premiums. Our service also drives down the cost of long-term medication and stretches the budget via bulk purchases of medical services

Why are health benefits even more important Post-Covid-19?

The healthcare landscape has evolved drastically, where more companies are now emphasising employee wellness more holistically. Healthcare benefits for employees used to focus more on physical health. However, with the new working arrangements that forced employees to work remotely during the lockdown period, more organisations are aware of mental wellness as well.

What feedback do you get from clients who use your technology?

HealthMetrics receives regular input from various industries on how they are benefitting from our platform, including seamless employee experience and systematic management for HR. The data provided gives insight into health trends within an organisation, which helps companies make strategic intervention plans based on data, instead of mere gut feeling.

This interview was extracted from Chief of Staff Asia's report on Compensation, Benefits, and Employee Health. For further coverage, and access to the full report, please see any of the below links:

Rising costs, Falling loyalty: How Comp & Ben departments are fighting the war for talent (full report)

Benefit costs up but loyalty stagnant: Chief of Staff research (news highlight)

Salaries rising across ASEAN in 2022, and likely far beyond (feature)

Healthcare inflation strikes a nerve across Southeast Asia (feature)

Circles.Life doing it differently on comp & ben (case study) March 29, 2022

HR Tech Update: Data-led healthcare insights (HR Technology Focus) March 31, 2022

New trends emerge for non-cash benefits (feature) April 1, 2022 (feature) April 1, 2022

14 views0 comments