Big Data Made Actionable
FORT LAUDERDALE, FL (BUSINESS WIRE)–Convey Health Solutions (Convey), a leading provider of technology-enabled and advisory solutions for health plans, today announced the results of its research on the use of supplemental benefits in the Medicare Advantage (MA) marketplace. Utilizing its Pareto Intelligence Spotlight (Pareto Spotlight) technology, a data analytics solution, Convey aggregated and analyzed 2019 CMS enrollment data to better understand the key drivers of enrollment at both the state and national level. With the data derived from Pareto Spotlight, health plans are better equipped to understand the impact of 2019 product strategies on membership levels so they can better design future products.
Supplemental benefits are frequently offered by MA and Dual Eligible plans to attract and retain new members and to improve member experience and outcomes. These supplemental benefits are rapidly gaining in popularity and plans that offer them have a competitive advantage over those that did not. The most popular program, at 51% penetration in MA, is an over-the-counter (OTC) benefit in which members can select from a list of OTC products designed by their health plan.
The analysis from Pareto Spotlight compared the most recent year-over-year data giving a snapshot of how the OTC benefit affected enrollment for existing plans for the 2019 year. This data set excluded new health plans and plans that exited the market. The analysis concluded that membership in plans offering an OTC benefit (among all providers of OTC solutions) in 2019 grew by 4.8%, while membership in plans that did not offer an OTC benefit contracted by 1.2%. Furthermore, MA plans who specifically utilized Convey’s OTC solution grew at a 6% rate compared to those health plans who offered a competitive OTC program, which only achieved a 4% growth rate.
As a market leader in OTC benefit administration, Convey achieved significant growth in members utilizing its proprietary OTC system this past year. Leveraging purpose-built, industry-leading technology to administer OTC benefits, Convey supports many of these early adopters and health plan thought leaders. “Already a valuable benefit to promote good health outcomes at home, our OTC solution is also delivering improved member retention and growth. The Pareto Spotlight market analysis confirms that a small investment by a plan in our system yields a high return in membership growth,” said Jonathan Starr, Convey’s Executive Vice President.
“The Convey family of companies offers a unique set of technologies and services that help our health plan and PBM clients to better manage their business. We are leaders in the markets in which we compete, and we are continuing to invest in products and services to strengthen our market position,” concluded Stephen Farrell, Chief Executive Officer for Convey.
For an interactive tour and further details about the supplemental benefits data, visit: https://www.paretointel.com/insight/what-is-the-impact-of-expanded-supplemental-benefits-in-medicare-advantage/
About Convey Health Solutions | Convey Health Solutions is a specialized healthcare technology and services company that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. The company’s administrative solutions for government-sponsored health plans help to optimize member interactions, ensure compliance, and support end-to-end Medicare processes. By combining its best-in-class, built-for-purpose technology platforms with dedicated and flexible business process solutions, Convey Health Solutions creates better business results and better healthcare consumer experiences on behalf of business customers and partners. The company’s clients include some of the nation’s leading health insurance plans and pharmacy benefit management firms. Their healthcare-focused teams help several million Americans each year to navigate the complex Medicare Advantage and Part D landscape. To learn more please visit www.ConveyHealthSolutions.com.
About Pareto Intelligence | Pareto Intelligence is an analytics and advisory company that delivers technology solutions to improve value-based outcomes. These solutions are supported by proprietary algorithms, predictive models, and advanced data science that have analyzed over $100 billion in claims and medical costs, and touched over 14 million healthcare lives. Through this, Pareto demystifies complex healthcare data and delivers actionable insights that inspire smart strategic decisions for clients. To learn more, visit our website at www.paretointel.com.