Published on March 25, 2020
Carrot Health’s CFO Stephen Sigmond recently authored a column in Fierce Healthcare describing how data-driven insights for Medicare Advantage plans can help insurers succeed. Using a data-driven business model, he says, regional health plans can more clearly define their competitive position, identify target markets for entry or expansion, customize product offerings, reduce costs, and save time.
Data drives success in these areas by helping regional plans uncover opportunities within specific markets, including, but not limited to, which benefits members find most desirable, how specific offerings affect enrollment, and what interventions may increase member engagement/satisfaction. How valuable are data-driven insights for Medicare Advantage plans? “The future belongs to organizations that power decisions with data-driven insights,” writes Sigmond. “Competitive advantage accrues to organizations that evolve and adapt quickly by generating knowledge flows.”
In-depth data, like what’s available in Carrot Health’s MarketView platform, also helps insurers to create a common language that inspires internal alignment around strategic decisions. Sigmond writes, “For health plans, challenges like growth, quality, and profitability are interwoven. To make the best decisions, different departments need ready access to the knowledge of the organization. Marketing must understand the thinking of product developers. Plan designers need to understand the revenue goals of finance.” This kind of optimization, he says, allows midsize plans to “punch above their weight.”
For more on how to engage and retain Medicare Advantage members while improving the health of populations you serve – and win in the marketplace – check out Sigmond’s Fierce Healthcare column or download our white paper on harnessing data to thrive in Medicare Advantage markets.