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Manage the risks of your in-force and on-claim populations with the right intelligence
LTCI carriers invest substantial resources in pursuit of necessary rate increases and reduced claims fraud, waste, and abuse. These efforts alone may not suffice in the long run.
As time passes since many LTC policies were issued, LTCI carriers generally know very little about their in-force population. Additional knowledge gaps may occur within on-claim populations that are likely to transition from home health care to more intensive sites. These gaps make it difficult to proactively manage the health and claim activity of the most at-risk policyholders.
Milliman LARA™ leverages the industry-renowned expertise of Milliman consultants to uncover powerful insights about your LTCI population. It uses predictive analytics, LTCI claimant data, and proprietary datasets to identify your high-risk policyholders before they reach severe stages of LTC needs.
Early intervention empowers you to drive better health outcomes, improving a policyholder’s quality of life by helping them age in place. Using a focused solution for these interventions drives return on investment.
Milliman LTCI consultants develop predictive models using actual historical LTCI claims, appended with powerful third-party and other proprietary data. This approach provides a new layer of intelligence and insight for insurers to understand the current health, risks, and needs of both their in-force and on-claim policyholders.
Milliman LTCI consultants from around the US have spent a combined 100+ years leading the LTCI industry in creating solutions and managing risks. We are proud to be on the forefront of the next evolution in managing LTCI risks, collaborating with our clients to protect the health and well-being of policyholders.
Use predictive models trained on actual LTCI claimant data to estimate the likelihood of future claims, and the relative risk of those policies on-claim and yet-to-claim.
Reference prescription drug and medical history along with social determinants of health data to get the most complete picture of the current condition of each policyholder.
Leverage decades of Milliman partnership with LTCI insurers. We are excited to offer this new solution to fortify the market.
Trust Milliman’s work with insurers and legal teams to provide data insights in compliance with state and federal laws and regulations, including HIPAA.
Focus interventions toward your most at-risk members to help enhance quality of life, delay or prevent the need for facility care, and build better relationships with regulators and the public.
Analyze risks for entire blocks of in-force and/or on-claim policies with advanced risk scores, allowing you to make informed, strategic decisions. Profile and stratify your on-claim and yet-to-claim populations to effectively manage risks.
Utilize the Milliman Long-Term Care Guidelines and our LARA industry dataset. Both sources represent industry-wide data from the top insurers, enriched with advanced subject-matter expertise.
Become part of our network. Milliman is working closely with insurers and care providers to expand the Milliman LARA dataset and bring together organizations that benefit from one another’s expertise.
Making financial projections is at the heart of what actuaries do. The techniques for doing so have continued to evolve over the years, but the goal is always the same: predict the future as accurately as possible.
This report explores key risks and considerations for product innovation using the long-term care (LTC) insurance industry as a case study.
One strong step in making long-term care (LTC) an acceptable, insurable risk for insurance companies is to better understand the latent morbidity risk in advance of an LTC need.
Robert Eaton and Missy Gordon discuss their emerging research into LTC population management techniques, wellness programs and interventions, and modernizing how LTC insurers approach the claims process.
Milliman, Inc., one of the premier global consulting and actuarial firms,
today announced that its Long-Term Care Advanced Risk Analytics (LARA) group has formed a strategic
alliance with The Helper Bees, a care concierge…
Pre-claim interventions can be an effective method to improve health outcomes,…
Aging-in-place interventions can be an effective method to improve health…
Manage Medicare, Medicaid, and commercial risk adjustment with our award-winning suite of tools and data.
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