Becker's Healthcare July 13, 2023
Payers should start evolving their strategies to be digital first, and streamline administration to respond to headwinds in the Medicare Advantage market, analysts for McKinsey and Company said in a July 11 report.
Demographics are changing, with the Medicare population growing older and higher risk. The program is also facing its first rate decline since 2015 and significant regulatory changes, McKinsey analysts wrote.
Payers can consider several short-term and longer-term strategies to respond to changes in the program and beneficiary preferences.
In the short-term, payers can:
- Expand reach to areas with low MA enrollment, like rural communities.
- Partner with more insurance brokers, including online sites.
- Bolster traditional outreach methods...
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