Developing Trend: Provider-sponsored Medicare Advantage Plans seeing Big GrowthRyan Hogan
Hospitals and physician groups are benefiting from the growth of their own Medicare Advantage plans, with a total enrollment increasing by more than 20% to 3 million beneficiaries since 2015. It is likely to see this trend continue.
This growth can be attributed to a few different reasons: name recognition, local reputation, “buy local” support, and the fact that these hospitals know their local dynamics better allowing them to build a plan that works well in conjunction with the hospital.
Although we are seeing huge growth in this sector, this only represents about 14% of all Medicare Advantage enrollees nationwide. Plans offered by insurers like Humana, UnitedHealthCare, and Aetna still dominate the market and actually saw greater growth of 24% over the same time period.
Likely is this trend to continue and even the big players like Humana are attacking this sector as well with their dedicated clinics such as Oak Street Health (OSH). OSH is aimed to help improve the health of their clients, all of whom are required to have a Humana plan to participate, brining not only a valuable resource for Medicare clients but also a great marketing opportunity.
To learn more about this opportunity or others like it let me know.
For greater details and insight read this article: Hospitals are getting more Medicare Advantage members by Bob Herman