How Insurers Can Make Improvements for Medicare Open Enrollment
Medicare Advantage open enrollment season is drawing to a close but it won’t be long until the cycle starts over again early next year. Insurers will want to take a step back to assess the situation because not everyone saw the gains they had hoped for, and they are actively looking for ways to stand out in a very competitive market. But considering 63 percent of members look back at their coverage each year, there’s always time to make improvements. Here’s how to get started.
Determine the Setbacks
Whenever something goes wrong, it’s best to look for the root cause to determine how it led to that result. The same thing goes for smaller Medicare enrollment gains.
There’s a lot that should be looked at, but for starters, one of the biggest issues could be the providers that are in-network. Just over a third of consumers say that’s one of the biggest factors for choosing a plan. But there are other things to ask: Was the marketing push not compelling? Did the offerings not fit the needs of insurance members? Did members feel engaged? All of these are valid questions that need to be addressed in a constructive way to fix larger issues. There are a lot of standardized offerings among Medicare Advantage plans due to CMS requirements, so differentiation can be challenging. However, a deep understanding of healthcare consumers and their priorities can make a Medicare Advantage plan stand out.
Look to the Competition
It’s no surprise more players are moving into the healthcare space. Amazon went from selling solely books to every item under the sun and now, they’re quickly moving into healthcare.
For insurers who have been in healthcare for a while, the competition can be concerning, but there’s a good reason it exists: healthcare consumers want industry disruption to change insurance for the better. That involves insurers taking risks and trying new ideas, even if they’re out of the box like providing helpers and friends for Medicare Advantage Plan members. That idea could be the next big thing to drive enrollment.
Once insurers have determined ways to increase enrollment, the next step is to find a digital engagement provider that can help.
PatientBond offers numerous capabilities that insurers can use to increase enrollment. All of these tools can utilize a segmentation model called psychographic segmentation, which determines what motivates someone to do something based on their values and beliefs.
PatientBond uses psychographics to place healthcare consumers into segments based on shared attitudes, motivations and communication preferences, and from there, uses that knowledge and other tools like the digital health platform and the Insights Accelerator™ to market, interact and engage with healthcare consumers including potential Medicare enrollees. Efforts from this model lead to more engaged insurance members that enroll into programs, stay on top of their health and stick to their care plans.
Insurers can stick with the same-old approach to building their open enrollment numbers, but true growth comes from making changes that lead to stronger growth overall.
Looking for more ways to increase enrollment in the future? Check out our case study.