COVID-19 has swept the nation and with it, brought devastating health issues impacting individual health, group health plans, costs, businesses, and our personal lives. As an employer, the effects of this pandemic on your employees and your business’ bottom line are significant. As more of your employees start branching out in their personal lives and also start returning to physical work locations, it’s extremely likely you’ll be facing medical claims and costs related to the virus in the near future. Sure, the testing for those with symptoms might be covered as preventive, but what about those whose underlying conditions flare up as a result of being exposed to COVID, or those who are forced to endure extended inpatient hospital stays?
For the foreseeable future, COVID-19 is here to stay, so how will it impact your employee benefit’s health plan?
To answer this question, PSA has developed a COVID Financial Risk Assessment calculator to help you understand the potential financial impact related to the all-in cost of care for treating COVID-19 illnesses for your employees. We look at your health plan data to determine the costs you can expect to face.
PSA’s COVID Financial Risk Assessment tool will help business leaders:
- Provide multiple, customizable infection severity scenarios
- Produce predictive modeling of member profiles with chronic or unmanaged conditions who are at risk for severe COVID illness
- Identify demographic risk factors, including age, gender, and geographic hot spots
- Predict likely treatment cost for employees
- Model future cost of care for employees who:
- Are currently low cost, but are predicted to have rapidly rising costs in next 12 months due to their prospective risk scores
- Have higher than average care alert scores and a high likelihood of an emergency room visit within the next 12 months based on their risk scores
- Have conditions that cause them to be immunocompromised and have a high likelihood of having an inpatient admission in the next 12 months based on their risk scores