As if you are not busy enough, now is the time to start looking towards both 2016 and the future, to ensure you have the correct products in your marketplace as well as determine whether it is time to either increase or decrease the size of your market. Understanding and really knowing your current membership, plus why your members enroll/disenroll, is the first step. Some of the questions that have to be answered are:
- What does your member look like by product and where do they live?
- What age did they purchase your product?
- How long have they been with your organization?
- When do members tend to disenroll and why?
- Are there any usage patterns that are helpful in understanding benefit design opportunities?
- Do you know how they purchased your product (online, by mail, phone or with agent)? Understanding where your dollars were spent to acquire the membership allows you to adjust and adapt during the shortened annual election period (AEP).
Do not forget to understand your service area/marketplace as a whole.
- When was the last time you did a detailed competitive analysis?
- Have you included a detailed network analysis?
- Enrollment trends and product distribution by competitor?
- Is there a possibility to have a service area expansion?
Even if you are just thinking of entering the marketplace, now is the time for forward thinking initiatives.
If you missed my webinar on September 10, that I hosted with John Gorman and Jeff Fox join the Point and you will be able to listen to “Look Ahead — Plan Ahead, Key Insights To Market Share & Growth” webinar.
Smart benefit design is a dynamic process that begins with an examination of intended markets with consideration given to strengths in member retention and medical management, and is executed with specific enrollment and financial targets in mind. Whether your organization is just entering the government programs space or is already well-established, our team is standing by to assist. Contact us today >>
Save the Date for the Gorman Health Group 2015 Forum. Join us April 7-9, 2015 at the Gaylord National Resort and Convention Center in National Harbor, MD. Learn more about the event >>
Join John Gorman, GHG’s Founder and Executive Chairman together with colleague, John Nimsky, Senior Vice President of Healthcare Innovations, as they discuss the vehicles for achieving what could be characterized as a reengineering of the health care delivery process and its effectiveness. Register today >>