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
Welltok, the leading consumer health enterprise Software as a Service company, is on a mission to empower consumers to achieve their optimal health. Its award-winning CaféWell Health Optimization Platform connects consumers with available and relevant benefits, resources and rewards by designing personalized action plans. Additionally, the company's technology-enabled services leverage both advanced analytics to derive meaningful consumer insights and multi-channel communications to reach consumers through the right channel with the right message. Welltok drives greater consumer engagement and healthcare value for customers across the healthcare continuum including payers, employers, government programs (Medicare and Medicaid) and providers. Follow @Welltok
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Erica Sniad Morgenstern
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