How is it that we make purchases on Amazon.com with a touch on a smartphone, yet many of us still buy group health insurance with paper and a pen? The discrepancy between the two different experiences is confounding. Yes, I would like to clarify that there are fundamental differences between buying Cards Against Humanity on Amazon.com and choosing the right health plan for you and your dependents. However, the marketplace tells us that those two different experiences will be converging. Employers are adopting technologies to more efficiently and accurately manage their benefits and human resource processes and employees are demanding that they do so. Continue reading Online Consumerism and Private Healthcare Exchanges
The health care industry is experiencing a tremendous amount of merger and acquisition activity right now, which is impacting hospital systems, providers, insurance carriers, health care advisors, and ultimately, consumers. While stakeholders are taking sides, the recent spate of activity should not come as a major surprise as it has been occurring for many years. Do these facts sound familiar? Continue reading A Perspective on Health Care Industry Consolidation
By: Mike Sullivan, Executive Vice President and Chief Marketing Officer, Digital Insurance and Digital Benefit Advisors
Last year, as the clock ticked down to 2015, private exchanges experienced modest levels of adoption. By and large, the first significant cohort to embrace this approach were large employers with sophisticated benefits personnel and ample money at risk in “pay or play” analyses. They found private exchanges to be a viable strategy, and many chose this route rather than abandoning health insurance and sending their employees to public exchanges.
Yet private exchanges are still on the periphery of benefits solutions. Don’t for a second misconstrue the current level of adoption with long-term applicability, because they will become a central force in benefits strategies for a significant subset of employers. Surveys, prognosticators and news articles all agree that many employers expect to deploy them in the near future but are hesitant to immediately pull the trigger. Those of us offering exchange solutions celebrate the early adopters and continue to invest in product choice and solution functionality, while we wait for the inevitable tipping point.
This past week, executives from throughout Connecticut joined the Ovation team for a provocative discussion about the inevitable forces shaping health insurance today. The event was the fourth installment of Ovation’s Chief Executive Series which takes place biannually in downtown Hartford. The focus of the event this December was: “The End of Employer Sponsored Healthcare: What’s Your Exit Strategy?” which covered the influences shaping what might be an inevitable trend in which employers drop their health plans and send their employees to the public exchange.
The speakers for the night were Ovation’s very own founding partners, Bill Carew and Brian Driscoll. The discussion began with a look back at what the team commonly refers to as the four paths for employers: Pay, Empower, Perform, and Accelerate. Prior Chief Executive Series events have looked closely at each of these paths, but this event was solely focused on the Pay option. In this strategy, employers drop their plan and drive employees to the public exchange. The discussion continued with a look at what demographic, economic, and political drivers are coming together to create more interest in the Pay option. To conclude the presentation, the audience was led in real-time through an online demonstration that illustrated what the process and results might look like. Continue reading Ovation Tees Up the Notion of the End of Employer Sponsored Healthcare for Connecticut Executives