The average Medicare Advantage (MA) plan turns over about 10 percent of its members in voluntary disenrollment every year. For a plan with 100K members, this equates to approximately $110M in lost premium reimbursements.
While plans won’t ever get voluntary disenrollment to zero, a strong retention strategy can move the needle and make a big impact on your business. Saving just 1 percent of your members a year will result in approximately $11M in revenue–that’s a big deal!
3 ways to keep members happy
Welltok has a proven track record of helping MA plans overcome common hurdles like data gaps, personalization, abrasion, budget, and time. Here’s our winning formula for retaining members:
- Onboard with a strong welcome campaign and collect members’ preferred method of communication in the first quarter of the year. Follow up with a quick pulse survey in April, so you can capture feedback and course correct before it’s too late.
- Leverage analytics to prevent disenrollment with a mid-year disenrollment analysis to identify members at highest risk for leaving your plan. Follow up with targeted communications to address disenrollment drivers early on and minimize risk of voluntary disenrollment.
- Provide targeted, personalized Annual Notice of Change (ANOC) support by eliminating surprises for your members. Start with a change analysis to determine what’s changing for which members, then deliver targeted messages (using varied communications channels) about them, creating different campaigns for members facing no, low, moderate, or disruptive changes.
Bottom line–member retention is a year-long strategy that you can’t afford to ignore. Welltok’s data-driven Medicare Retention Solution can help you minimize risk, retain more members, and drive significant cost savings. Email us to schedule a time to strategize together about how we can help you keep more of your members happy and reduce churn.
About the author
Katie Kopansky is a health optimization economist at Welltok, the leading consumer health enterprise SaaS company. Katie specializes in developing solutions that overcome challenges, including closing gaps in care, increasing quality scores, and improving retention, for all types of health plans. Learn more about Welltok’s solutions at welltok.com.