Benefits Administration Leader Expands Their Preferred Partnership Ecosystem with Healthcare Data Analytics Leader Benefit Science Technologies to Help Employers and Their Benefit Consultants Improve Healthcare Plan Design, Ongoing Benefit Decision-Making, and Support the Delivery of Benefits Through Predictive Modeling
Empyrean Benefit Solutions, Inc., the Hi-Touch Benefits Administration company, announced a strategic partnership with Benefits Science Technologies (BST), an innovative leader in healthcare analytics. The new partnership provides Empyrean’s clients a leading capability to distill, analyze, and predict the effectiveness of healthcare-related benefit plans they offer.
The Empyrean Platform – which already allows companies to reduce risk and control complexity in their benefits program – now offers supercharged analytics capabilities with the addition of BST’s innovative algorithm, which dissects healthcare data to prescribe unique solutions for plan design, maintenance, and optimization.
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“Our platform currently gives employers total control over the delivery of their benefits program. Partnering with BST empowers our clients and consultants even further – and gives them greater confidence in plan design decisions – by using data to help them preemptively and accurately navigate changing benefits conditions and measure the results,” said Richard Wolfe, Empyrean CEO and co-founder.
BST’s analytics engine, the Robust Optimizer, provides employers and their benefit consultants with specific medical plan recommendations that are connected – keeping all medical claims, prescription claims, biometrics, plan data and expenses, wellness programs, and plan eligibility housed within a single system. This singular, secure data storage allows BST’s algorithm to work more quickly and efficiently, offering a clear, accurate view of plan performance generated from data.
Not only providing descriptive and predictive insights, BST’s Optimizer, in collaboration with their trusted advisor, benefits the employer by prescribing specific actions by considering billions of scenarios, removing unforeseen inefficiencies and eliminating less favorable options. In a matter of minutes, the Optimizer designs plans that meet employees’ specific needs while respecting employers’ budget constraints and overall business goals.
Research points to data analytics capabilities as one of the top most desired ancillary services to be offered through their benefits administration partner, making this partnership a natural fit for Empyrean – and further supporting the employer’s and benefit consultant’s strategy in the delivery of benefits, driving better employee education, decision support and engagement through the Empyrean platform.
Stephen Sofoul, BST’s CEO, adds, “It’s no longer enough to have data, employers must be able to apply insights strategically. That’s why we’re excited to be partnering to help employers and their consultants not only improve their insights, but to deliver on their strategies within the Empyrean platform.”