Health insurance exchanges are coming
Why now?
Early entrants have a greater opportunity to capture a larger share of exchange members and gain competitive advantage.
Health insurance exchanges offer the potential for 25 million new members in the marketplace — a possible 10% increase in the US.
This represents a significant market opportunity for payers in which timing is critical.
As the formation of the Medicare Advantage market has proved, first movers were able to secure market share and spread fixed costs over a broader population. The same principles will apply to payers under the health insurance exchange program.
Early entrants have a greater opportunity to capture a larger share of exchange members and gain competitive advantage.
Effective planning and efficient execution are necessary to participate on the exchange, and this will require enhancing technology and operational capabilities. Significant effort will be required to:
- Integrate your health plan’s operations into the exchange platforms
- Prepare enrollment, billing and customer service processes and systems to handle the influx of new members
- Reinforce your business intelligence platforms
The time to get started is now.
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