Cost-efficient strategies to help your clients’ retention

October 21, 2021
Josie Livengood

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As a third-party administrator, your clients look to you to help them be successful, and one of the key indicators of success is good retention. Whether it’s retaining employees or members, retention shows that your client is offering excellent service. And that you’re doing your job well. Plus, high retention rates lead to cost savings since it costs five times more to acquire new members or employees than to retain them. So as a TPA, what cost-efficient strategies can you offer to help your clients’ retention? Keep reading to find out!

Digital self-service capabilities.

Online shopping, food delivery, social media. They’ve all created a culture that expects convenience through digital self-service capabilities. In fact, a McKinsey & Company report found that consumers prefer healthcare services through digital and online channels. An affordable and easy way to introduce digital self-service features to your clients is through our healthcare shopping app. The Point Health app offers upfront prices for hundreds of services and allows users to shop and compare:

  • Doctors
  • Hospitals
  • Imaging centers
  • Labs
  • Medications
  • And more.

Choosing the most affordable healthcare option ensures lower healthcare costs for your clients and their members or employees. It also adds personalized, digital capabilities to your clients’ offerings. Which is great because, according to one study, health plans with digital capabilities outperform competitors in overall satisfaction and retention by 5%. The same report also found that 57.5% of members, across all ages, believe it’s important for health plans to offer digital self-service features. This will meet your clients’ goals of improving retention and help them stand out among competitors.

Advise clients to get personal.

People love personalization. And seeing as though healthcare is already a highly personal experience for most people, it makes sense for your clients to offer personalization in their health benefit offerings. Survey your clients’ members or employees to see if there are any commonalities between them. If the majority are parents, consider adding services or features that parents will appreciate. For example, telemedicine access to pediatricians or resources with helpful tips for newborn health. Is there a chronic disease that’s prevalent among your clients’ members? Use a RxSaver to get discounts on the medications they need. Current and potential members will notice this personalization, leading to better member retention.

Third-party healthcare navigation.

Our final tip that's a cost-efficient way to help your clients’ retention is to offer healthcare navigation services. Specifically, to partner with a third-party patient advocacy company to provide these services. Healthcare navigation leads members to their best care option at an affordable rate. This means cost savings for them and your client. Everyone loves a good deal, so if members’ or employees’ medical bills are lower after utilizing healthcare navigation they’ll stay loyal to your client. They’ll also feel cared for and supported, which can lead to better satisfaction ratings too. In fact offering a patient advocacy service, like healthcare navigation, can lead to an average NPS growth of 16.5%.

Final thoughts.

Your clients don’t have to put up with low retention rates year after year. You can be the hero that provides them with cost-efficient strategies that not only improve their retention but also their member satisfaction and overall costs.

Download How to Leverage Ambulatory Surgical Centers for Lower Costs and Higher Satisfaction

Discover how TPAs, health cost sharing groups, and limited benefit medical plans can benefit from the use of ASCs.

Is Your Health Plan a Tech Whiz or a Dinosaur?

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TAKE THE SURVEY

Download the Patient Advocacy 2.0 White Paper

Discover what health plan members had to say about the value of patient advocacy in our survey.

Download the Complete Guide to Retaining Health Plan Members.

Learn the best strategies and tips for retaining your members while keeping costs low.

Download the Complete Guide to Growing Your Health Plan Membership

Learn the best strategies and tips for growing your members while keeping costs low.

Download the Complete Guide to Lowering Member Costs

Discover what health plan members had to say about the value of patient advocacy in our survey.

Download Healthcare Consumerism 101: A Playbook for Health Plans

Learn the best strategies and tips for retaining your members while keeping costs low.

Download Your Guide to the Transparency in Coverage Rule

Discover how the the new rule will affect TPAs and health plans and how you can start your journey to compliance.

Download Your Guide to Unique Benefit Offerings that Don't Break the Bank

Discover how to add value to your health offerings that delight clients and members but don’t cost a fortune.

Download the Complete Sedera Case Study

Discover what health plan members had to say about the value of patient advocacy in our survey.

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