US-based strategic advisory firm, OneDigital has recently unveiled plans for rolling out its COVID-19 Health Plan Cost Impact Tool. As per reports, the proprietary tool will equip employers with the potential financial impact of coronavirus pandemic on their employee health plans by measuring the severity and frequency of the virus cases within an organizations unique population, geography of the employer and estimate expected cases of infection, hospitalization and the costs associated with it.
Members of OneDigital’s actuarial, consulting and analytics teams have been focused upon calibrating a perfect data model for employers to aid them comprehend the economic impact of the pandemic as it relates to health insurance costs.
The development of the tool was necessitated by publicly available information which is disparate and fragmented as well as in need of mathematical interpretation, normalization and visualization in order to make the employers better understand the economic situation ahead.
Adam Bruckman, President and Chief Executive Officer of OneDigital was reported saying that a core value of OneDigital is to bring peace of mind to employers and it has never been more important than it is today.
Bruckman added that the cutting-edge tool is unique as its draws upon data sets that will be daily provided from the state, federal, CDC, local agencies and over fifteen additional health insurance, actuarial and healthcare sources.
Mike Sullivan, Co-founder and chief growth officer, OneDigital, said the company’s market approach is to make the tool available free of charge to all employers. He added that employers can benefit from the health plan cost impact tool in better understanding the effect of COVOD-19 on their employee population, based upon population density, infection rates, industry geography, and various other data elements, all normalized into the mean value of overall workforce across the U.S.