HealthRules® Payer Horizons: Expanding New Business Opportunities
In the swiftly evolving landscape of healthcare, staying ahead demands not just understanding the market but redefining the competition. For health plan leaders, navigating these waters involves a delicate balance between scale and agility, particularly when facing off against smaller, more nimble competitors. It’s vital for your Core Administrative Processing System (CAPS) to deliver up-to-date intelligence so you can improve automation and efficiency. Our five-part blog series, titled HealthRules® Payer Horizons, demonstrates how our CAPS solution empowers payers to adapt and take advantage of new market opportunities.
Read the entire series at the links below:
- Automating regulatory compliance and accuracy
- Enabling automation with integration
- Expanding new business opportunities
- Optimizing value-based care & reimbursement
- Delivering superior customer service
Adapt to shifting healthcare industry demands with HealthRules® Payer
You know the healthcare market, but you need to compete differently than you have before. Smaller competitors are differentiating their offerings through rapid innovation and adaptability. What they may lack in funding, smaller plans make up for in their ability to test offerings on smaller populations and pivot accordingly. They’re also able to take on more manual work due to lower overall claims volumes.
While being responsible for more lives may mean longer implementation times for new initiatives, larger payers often have the resources to invest in comprehensive solutions and strategies that can help expand their business opportunities. HealthRules Payer, gives your health plan the tools to compete more effectively and grow your market share.
1. Establish new contracts faster
In an industry where timeliness is key, HealthRules Payer shines by reducing the set-up time for new contracts to as little as 10 minutes. This efficiency frees up valuable time, allowing health plans to focus more on fostering relationships with new partners rather than being bogged down by backend administration.
Using HealthRules® Promote, regional non-profit health plan expanded lines of business, and grew from operating in four to 12 states in six years. This achievement underscores the platform’s capacity to not just streamline processes but to amplify growth.
2. Configure (and reconfigure) benefit plans in less time
Create virtually any benefit plan or provider contract and start serving new members sooner. The adaptability to swiftly respond to changing market demands and regulatory landscapes is another critical advantage that HealthRules Payer brings to health plan customers. Or platform enables users to create and adjust benefit plans or provider contracts in mere hours or days, significantly reducing turnaround times.
In 2020, a metropolitan non-profit health plan was able to configure and re-configure benefit plans impacted by the COVID-19 pandemic in about two weeks by harnessing the HealthRules® Language. This feature allowed the payer to meet new regulatory requirements and remain focused on members’ well-being.
3. Personalized strategy support
HealthRules Payer is designed to reflect your plan’s unique needs and ecosystem, offering personalized strategy support that aligns with specific organizational objectives and market realities. The HealthRules® Answers feature empowers your team to better leverage real-time data to identify new opportunities as well as reduce costs, assess new offerings, and support modern digital workflows. Our in-house
This tailor-made approach ensures that solutions are not just effective but perfectly suited to each health plan’s individual context.
4. Easily scale to keep up with membership fluctuations
With HealthRules Payer, scalability becomes an operational advantage, enabling health plans to effectively manage membership fluctuations and achieve enrollment accuracy of up to 97%. This level of precision not only enhances operational efficiency but also supports sustained growth and market competitiveness. The combination of technology, strategic partnership, and experienced configuration teams help ensure health plans like yours can achieve their goals in the most timely and cost-effective way.
Do you want to learn more about how HealthRules Payer can empower your health plan to optimize system configurations and optimize business performance?
Read our Case Study “Configuration as a Service Expedites Time-to-Value for Health Plans” to see how our solution empowers customers to reduce delivery risk, increase quality, and maximize cost-efficiency.
