KENNEBUNK, Maine--(BUSINESS WIRE)--
As U.S. health insurers deal with unprecedented industry changes, they find themselves in uncharted waters with a challenging future course. Mark Farrah Associates (MFA), www.markfarrah.com, noted in its latest Healthcare Business Strategy report that leading health plans are implementing similar strategies to support growth and cost management in these taxing times. These strategies include: entering international markets, competing in the managed Medicaid marketplace, developing private exchanges, converting providers to value-based reimbursement contracts, and focusing on technological applications that will appeal to the consumer.
In the latest Healthcare Business Strategy report, MFA reviewed strategic initiatives, enrollment and financial trends for Aetna, Cigna, Health Care Service Corporation (HCSC), Humana, Kaiser Permanente, UnitedHealth Group and WellPoint. Membership data, financial statistics and observations were gleaned from the January 2014Health Insurer Insights™ series, a Mark Farrah Associates publication. In the report, MFA discusses examples of how various health insurance carriers are using various strategies to grow their businesses.
Medical membership for the leading U.S. health insurance plans increased 8.7% from 132.2 million as of September 2012 to 143.7 million as of September 2013. However, most of the increase came from acquisitions and UnitedHealthcare's new TRICARE contract. Leading health plans' enrollment increased by only two percent year-over-year without these onetime gains. Profitability saw a slight downturn for the majority of leading health plans for the first nine months of 2013, when compared to the first nine months of 2012. The seven leading health plans cover 55% of the insured people in the United States, so the financial health of these plans is important.
To read the full text of “Similar Growth Strategies among Top Health Plans", visit the Analysis Briefs library on Mark Farrah Associates' website www.markfarrah.com.
About Mark Farrah Associates (MFA)
MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, our products include Health Coverage Portal™, County Health Coverage™, Health Insurer Insights™, Medicare Business Online™, Medicare Benefits Analyzer™ and Health Plans USA™.
- Health Care Industry
- Health Insurance
Ann Marie Wolfe, 207-985-8484