Healthcare Finance News September 13, 2023
As MA plan options continue to grow, retention and competition for new members are even more critical.
The biggest factors influencing retention in the fast-moving, competitive Medicare Advantage market are trust and the ability to resolve problems or complaints, according to the J.D. Power 2023 U.S. Medicare Advantage Study.
It found that overall level of trust and resolving problems or complaints are the most highly correlated factors associated with members renewing their health plan. Satisfaction with trust increases 353 points (among a possible 1,000) among those likely to renew with their health plan compared with those who are unlikely to renew. Similarly, satisfaction with problem resolution increases 351 points among those likely to renew.
The finding comes as the number...
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