The Wakely Pricing Model is an Excel-based tool designed to support premium rate development, benchmarking, and healthcare cost and utilization analysis. The tool is similar to actuarial pricing models offered by other healthcare consulting firms, but Wakely’s version offers more flexibility, a clean user interface and additional functionality, including the following:
You can use Wakely data sources or other data sources, including your own data. This means the Wakely Pricing Model can be used for individual, small group, large group, Medicare Advantage, specialty product and other lines of business. Manual data can be blended with experience data.
The model has built-in flexibility including service category grouping and detail, and can be customized to a particular client implementation.
The Wakely Pricing Model allows the user to input front-end population selections (see exhibit below) so that the data reflect a particular population, such as metal tier and subsidy level or even condition-specific populations such as male diabetics.
Populations can be “re-mixed” to reflect expected changes or to calibrate the model to a particular use. For example, users can change the proportion of older females in the underlying data.
The Wakely Pricing Model includes Wakely’s ACA (WACA) database of over 8.5 million individual and small group lives from 2016.
For more information, contact your Wakely Consultant or email Products@Wakely.com.