Welltok Calculates Real Value of Health Plan Member Engagement
Welltok, the leading consumer health enterprise Software as a Service company, today announced new research on the real value of consumer engagement. Analyzing 14 years of consumer health insights, more than a billion interactions with consumers and an extensive amount of academic and industry research, the study found that there is significant value in both the short and long term when engaging members in their health. The report revealed that engaging healthcare consumers can be one of the highest value activities a health plan can undertake.
While most plans are committed to engaging their members in a number of ways, very few have a comprehensive sense of the financial value of their efforts. The evidence suggests that engaging an additional 10 percent of consumers with specific needs could potentially double net income for most health plans.
For example, a one million-member commercial health plan in the individual marketplace could produce over $130 million in new value by engaging just 10 percent more members. This value is comprised of key medical and administrative cost reductions and revenue increases, resulting from an array of specific actions that consumers take in response to being more engaged. The report also revealed an even higher value of engagement among Medicare Advantage ($302 per member per year) and Managed Medicaid ($157 per member per year) populations.
“Our research validates and demonstrates the potential financial value to health plans of consumers participating in their health and health care decisions,” said David Veroff, senior vice president of evidence and value science for Welltok, and lead author of the report. “The rationale for investing in consumer health engagement is strong and dramatic improvement in engagement is possible if health plans focus on several key strategies.”
The full report not only quantifies the value of consumer engagement, but also explains how to extract the value desired by driving engagement. The report provides specific program examples and five key strategies to achieve targeted engagement levels such as taking a consumer-centric approach, managing compliance, and measuring continuously.
As population health managers seek to validate their efforts in this space and measure impact, Welltok’s exhaustive research on the value of specific consumer health engagement actions will help prioritize efforts as well as optimize investments and greatly improve returns.
To learn more about increasing the value of health programs and to begin reaping the benefits of engaged consumers, download the full whitepaper, The Business Case for Consumer Health Engagement: http://bit.ly/VOEwhitepaper