Though there is much uncertainty surrounding the fate of healthcare policy, one growth area that insurers can count on is Medicare Advantage, according to strategy + business.
Listed below are four success factors that payers must invest in if they want to be competitive in the Medicare Advantage market.
1. As the industry shifts toward a value-based model, it is important for MA plans to provide scale and management capabilities to help providers with this change, and also adjust their provider networks as needed.
2. It is vital that MA plans work on coordinating care for enrollees to help encourage efficient, high-value outcomes.
3. To keep up with CMS regulations, insurers should institute member-centric risk management techniques that utilize data analytics to identify high-risk areas for regulatory noncompliance.
4. Member engagement is absolutely essential, as enrollees can weigh any number of characteristics when shopping for plans. To set themselves apart, insurers must demonstrate a commitment to engaging with and responding to their members.
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