Data shows mobile technology and prescription-drug transparency tools critical for Medicare shopping
BROOKFIELD, Wis., Dec. 15, 2017 (GLOBE NEWSWIRE) -- Connecture, Inc. (OTCQX:CNXR), an industry leader in Medicare shopping and enrollment solutions, released today preliminary observations from this year’s Medicare Annual Election Period (AEP). The findings illustrate continued market growth, as total enrollments were up 17%, led by Part D prescription drug plans (PDP) which increased, on average, 40% from last year’s AEP. In addition, more Medicare beneficiaries shopped online through their carriers’ self-service member portals than ever before, up 20% from the previous year.
Connecture also reported the following results from its data set for AEP this year, which began on October 15, 2017, and ended on December 7, 2017:
• More than a third of Medicare beneficiaries began their shopping journey through a mobile device or tablet, underscoring the importance of a digital member strategy for baby boomers.
• 76% of consumers entered their prescription drug information as part of the shopping process.
• There was an 82% improvement in the enrollment-conversion rate among Medicare beneficiaries using online pharmacy-drug tools, compared to beneficiaries who did not leverage such resources.
• The majority of shoppers entered 4 prescription drugs as they shopped for plans online, with these specific brand drugs being the most popular:
- Eliquis and Xarelto: used to lower the risk of blood clots
- Proair HFA: used to prevent and treat wheezing and shortness of breath
- Lantus Solostar INJ: used to treat diabetes
“Although we’re still analyzing our data, we’re already seeing many encouraging trends of a robust market and a growing savviness among Medicare shoppers,” said Jeff Surges, President and CEO. “The big story is that, as always, engagement leads to enrollment. That is, when you provide beneficiaries with access to smart technology, particularly around drug-price transparency, they’re more likely to understand the total financial implications of their plan choices, and enroll based on that personalized information. That’s a win-win for carriers and members alike.”
Save the Date: Deep-Dive AEP Webinar, Jan. 24
Connecture will present a complete analysis of their AEP data on Wednesday, January 24, 2018, during a live webinar. The session will bring together various Medicare experts who will discuss the biggest learnings from this year’s AEP and implications for carriers moving forward.
Connecture (OTCQX:CNXR) is a leading web-based consumer shopping, enrollment and retention platform for health insurance distribution. Connecture offers a personalized health insurance shopping experience that recommends the best fit insurance plan based on an individual’s preferences, health status, preferred providers, medications and expected out-of-pocket costs. Connecture’s customers are health insurance marketplace operators such as health plans, brokers and exchange operators, who must distribute health insurance in a cost-effective manner to a growing number of insured consumers. Connecture’s solutions automate key functions in the health insurance distribution process, allowing its customers to price and present plan options accurately to consumers and efficiently enroll, renew and manage plan members.
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