Top 5 KPIs to Track When Assessing Plan Performance and Satisfaction

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November 14, 2022
James Ashford

As a broker, you need to maintain a diverse product portfolio so you can help companies build packages adapted to their needs and budgets.

Tracking these 5 key performance indicators when comparing plans will help you better identify the ones that are more likely to have higher satisfaction rates for vision care in Oklahoma, and nationwide.

Claim Processing

The average time to process a claim is an important metric. When comparing certain plans, consider how often their claims are delayed. Asking about the accuracy rate is also a good way to get an idea of how likely members are to run into an issue when filing a claim.

Nobody wants to wait weeks—or even months in some cases—to receive a reimbursement for a treatment or a procedure that was initially paid for out of pocket. In addition to financial insecurities, claim delays also prevent access to the necessary vision care in Oklahoma or nationwide.

A high rate of delays can indicate communication issues, which hinder the ability of employers to deliver effectiveness and efficiency within the packages they offer employees. Plans that are slow to process claims are naturally likely to have lower satisfaction rates.

Customer Service

Time is money. Therefore, an important concern for companies is how long it takes to reach a customer service representative. This includes both over the phone and via email. The goal should be to reach a customer service representative in a speedy manner. Again, this will contribute toward the efficiency of services offered, something that all businesses find important.

Also, you should consider the rates for tickets that are resolved on the same day, as well as how many complaints are resolved within 30 days. This information will give you a good idea of how satisfied employees are going to be with their choice of plans.

Retention Rates

The retention rate of an insurer over a specific time frame can be a good indicator of overall satisfaction and value. Higher retention rates, for example, suggest that employees are typically satisfied with the coverage and services offered in various plans. Lower retention rates should, conversely, raise the question of why plans get terminated.

Is the dissatisfaction the result of claim processing or poor customer service? Are packages irrelevant to the needs of their intended users? These are important questions that you should be considering when comparing plans.

Customer Satisfaction

The customer satisfaction index is another critical metric to ask about. This specific performance indicator seems to increase when plan recipients visit vision care providers in Tulsa—and other cities and states—more often. Therefore, asking about the regularity in which members use their benefits can be a good way to predict overall satisfaction.

Uptime Rate

According to this article, uptime measures the amount of time in which a service is online and available. If the plan offers an app or a web portal, for example, the uptime rate can be a useful performance indicator to track. Alternatively, downtime will contribute to provider dissatisfaction and, more importantly, potentially lost revenue. The uptime rate subsequently plays a significant role in the satisfaction of companies because a solid service with little downtime means better relationships with its customers.

VCD and the Vision Care of Tulsa

Vision Care Direct of Oklahoma is focused on plan provisions that contribute toward the vision health of Tulsa and surrounding areas. If you want to help employers build packages adapted to their needs and budgets with plans that are more likely to result in a high satisfaction rate, contact us today!

Email summary

Top 5 KPIs to track for assessing plan performance and satisfaction regarding the vision health of Tulsa and other states include claim processing, customer service and satisfaction, retention rates, and uptime rates. By tracking these performance indicators, brokers can help companies build packages adapted to their needs and budgets.

Not sure where to get started with recommending self-funded plans? Vision Care Direct of Oklahoma is pre-paid plan provider with and extensive of specialists who deliver eye care in Tulsa and nationwide with excellent value for employers and plan recipients.

Find out more about our self-funded plans and other flexible options.

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