ACTIONS TO IMPROVE MEMBER COMMUNICATION WITH MEDICARE ADVANTAGE PLANS Information technology vendors are offering robust, end-to-end retrospective and prospective Risk Adjustment Solutions that help health plans, by incorporating advanced technologies, artificial intelligence (AI), predictive analysis, and complex subject capabilities to ensure risk linked cash flow is maximized while maintaining the required compliance.
INFORMATION AND COMMUNICATION Member satisfaction with Medicare Advantage (MA) Plans faces a shortage of information and a lack of communication, which leads to a general failure of engagement among users and raises the possibility of health plan subscribers wanting to switch plans. PERCEPTION AND TRUST ARE FOSTERED BY COMMUNICATING
EFFECTIVELY
Communication that is precise, helpful, and responsive is a powerful determinant of overall customer satisfaction and trustworthiness. When Medicare Advantage Plans fulfill the required key performance indicators linked to information dissemination: ensuring members truly comprehend their out-of-pocket expenses; offering health education; and conveying helpful alerts for preventive care, cumulative member satisfaction rises by 209 points (on a 1,000-point rating). Healthcare organizations are well aware of the fact that MA plans fall short in terms of communication: just 15% of MA plans meet all the information and communication performance standards. According to financial sector surveys, customers are 3.3 times more likely to get a helpful word from their financial institution than from their health plan during the COVID-19 pandemic.
PLAN PREFERENCE IS AIDED BY DIGITAL TECHNOLOGY When it comes to obtaining information about their health coverage, as many as 35% of Medicare Advantage members utilize interactive tools of digital media platforms. According to insurance research findings, MA members are significantly more likely to obtain information in general than commercially insured, and MA participants are just as likely as vehicle insurance users to have an online profile with an insurance provider. TELEHEALTH IS GAINING
POPULARITY
Only five percent of the total of Medicare Advantage subscribers had used telemedicine before the onset of COVID-19 pandemic. According to a new study completed after the beginning of the pandemic, twenty percent of the total number of Medicare Advantage Plan participants are now interested in learning more about telehealth. Medicare Advantage Plans based on Risk Adjustment Solution are consumer driven as participants have far greater freedom to browse and transfer plans than with other forms of health insurance coverage, and they tend to be more proactive in obtaining information about the best alternatives for their specific healthcare requirements. In light of this, Medicare Advantage plans have a significant potential to boost participants' satisfaction, trust, and engagement by giving them with more regular and insightful information.