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.
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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.
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