BOSTON (August 17, 2011) — To guide HR organizations through the myriad of benefit regulations and shrinking resources, HighRoads today announced its Performance Diagnostic Scorecard to help companies gauge how they compare to high-performing organizations in three mission-critical domains: compliance, automation, and analysis.
“HighRoads is leveraging our decade old relationship with Fortune 500 employers, extensive data bases containing tens of thousands of normalized medical plans, vendor SLAs, completed RFPs and experience to provide a custom analysis for companies wishing to identify key areas of improvement,” said Eric Parmenter, vice president of consulting, HighRoads. “We’ve designed a best practices scorecard targeting the most critical facets of health benefits management and compliance,” explained Parmenter.
HR Executives complete the Performance Diagnostic which is then compared to best practices of high-performing organizations. Areas of analysis include:
• Compliance with regulations
• Automation processes and data management to streamline workflow, adhere to best practice and reduce cost and risk
• Analysis of programs, vendors and communication to improve cost and cost trend, and overall effectiveness of benefit programs
With the answers, HighRoads benchmarks the company and provides a one-page scorecard as well as a 15 to 20 page report in narrative format on how they perform in each category. Companies are graded on a scale of 0 to 5, with 5 being best practice. The estimated cost advantage of high performing companies is 10 – 20% more favorable than average companies and 20 – 40% more efficient than low performing companies.
“By providing this analysis for mid-market companies, we are giving executives a clear 360 degree look at not only areas for improvement but also where they are in line with best practices,” noted Parmenter.
A sample of the scorecard is illustrated below:
The HighRoads HR Performance Diagnostic Scorecard is integrated into HighRoads’ consulting practice offering Fortune 1,000 and mid-market companies full service support in strategy and planning, pricing and implementation, contracts, ERISA compliance, vendor sourcing and selection, and process audit and redesign.
For a PDF version of this release click here