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Strategies for improving health plan member retention
1HSM Group, Ltd., Scottsdale, AZ, USA.
Summary
Improving health plan member retention is crucial due to high acquisition costs. Strategies include analyzing disenrollment, enhancing provider access, and strengthening member relationships to reduce lost investment.
Area of Science:
- Health Plan Management
- Member Engagement Strategies
- Healthcare Economics
Background:
- Member retention is a significant challenge for health plans, impacting profitability.
- Acquiring new members is costly, ranging from $75-$200 for commercial and $400-$800 for Medicare.
- Early member attrition can result in losing up to 50% of the initial investment.
Purpose of the Study:
- To identify and recommend effective strategies for improving health plan member retention.
- To highlight the financial implications of member churn and the value of retention efforts.
Main Methods:
- Review of existing literature and industry best practices for member retention.
- Analysis of key factors contributing to member disenrollment.
- Identification of actionable strategies for health plans to implement.
Main Results:
- Retention efforts require organizational-wide communication and a cross-functional team approach.
- Understanding reasons for disenrollment is critical for targeted interventions.
- Improving access to referral providers and strengthening member orientation are key.
Conclusions:
- Health plans must proactively implement a multi-faceted approach to enhance member retention.
- Strategies should focus on improving access, communication, relationships, and managing member expectations.
- Successful retention is linked to building strong, long-term member relationships and satisfaction.