It may only be breaking news in America at this moment, but that’s not to say that the logic can’t and won’t be applied in the future to health insurance policies here in the UK. We’re talking specifically about new analytical software which scrutinises an employee’s health insurance claims to date which in turn will paint a clearer picture to bosses on how best to adjust their group health plans according to individual’s propensity to suffer from various illnesses. Whilst group health insurance is massive over in the states, it’s also becoming increasingly popular in Britain, so this game-changing news might be worth noting as a potential sign of the shape of health insurance things to come closer to home.
American group health insurance policyholders have a firm – of which the seeds for were first sown by boffins during brainstorming sessions at MIT’s world-renown research labs – going by the name of Benefits Science Technologies (or BST) to thank for this unique software concept according to www.theregister.co.uk. Looking a little closer at the gist of these claims, and the bespoke analytics platform is engineered to scan employee claims to establish whether or not there’s any patterns formed over an undefined passage of time. Patterns which dictate a proliferation of certain illnesses or identify common risks as such. If anything is duly observed then the program would go on to prescribe how best to balance deductibles and monthly payments thereafter.
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Found amongst the numbers which account for BST’s make-up are some of the Massachusetts Institute of Technology’s greatest minds, including graduates, professors and even its chief scientist in terms of management rank and file. Boston-based BST uses its data-detailing tools to enable enterprises to better mould group health insurance plans, and affords companies who employ 500 up to workforces of 50,000. Essentially the specialist software will ascertain patterns in treatment of employees and once it’s deciphered this data will set-out to identify how a company health package could balance premiums and deductibles across certain key areas.
This would have particular practical implications when it came to recognizing if certain cancers for instance, or other chronic conditions, were on the increase within a company, and if so proffer advice as to how to adjust deductibles with regards to these areas with the ultimate objective being to save both employees and the company potential treatment costs. Explaining the theory behind the practice, BST’s founders say of the MIT-designed software; “Employees with forms of cancer may at one point require surgeries, or employees with diseases like Hepatitis C may require expensive drugs for a set period of time,” before adding; “Employers may want to ensure broader coverage and lower deductibles to address those conditions, which may raise premiums.”
As an additional advantage to this proposed system, the uni claims its future by-product will be able to pinpoint risk factors for particular conditions among a subscribing firm’s employees, and therein be well placed to suggest preventative care to catch a health problem before it takes hold at the onset, and as a result possibly avoid costly medical procedures forecast further down the line. The scope is broad, as its envisaged that such software would be made available to businesses which purchase the health insurance policies, as well as serving in the context of an online portal for individual employees, which ostensibly would allow staff members to opt for the package which would be best suited to cover their needs at that time.