Mark Farrah Associates: Market Data for Health Insurance Business
KENNEBUNK, Maine--(PRNewswire)--The changing health insurance landscape is driving an uptick in the use of market data for business analysis. According to Mark Farrah Associates, the Affordable Care Act (ACA) and shift toward consumer-focused products have increased industry reliance on payer market share and health plan financials. "The heightened need for accurate enrollment, particularly in the individual, small group, Medicare and Medicaid segments, is driving our product strategy," said LuAnne Farrah, President of Mark Farrah Associates. "Our clients also rely on our products for financial data to assess competitor costs and profitability."
In the health insurance sector, analysts primarily use statutory financial data and enrollment for competitor and market assessments. Mark Farrah Associates (MFA) maintains online, user-friendly databases, such as the Health Coverage Portal™, to give clients 24/7 access to the data they need. MFA conducts ongoing research to identify analytic content and acts quickly to integrate useful data into new and existing products. MFA is monitoring the industry with plans to deliver Marketplace enrollment by payer when a reliable source becomes available. MFA will increase granularity in its County Health Coverage™ database by adding individual, small group and large group membership in the first quarter 2015. To meet the special needs of finance departments, MFA continues to roll out interactive tools for querying and analyzing data from the NAIC exhibits.
ACA implementation is unlikely to change course for at least the next two years and competition will escalate as health plans pursue new covered lives. From quarter to quarter, markets are likely to experience larger swings in enrollment mix and this will require close monitoring. Mark Farrah Associates offers the products that health plans and vendors need to gain a competitive advantage. Visit our website at www.markfarrah.com to learn more about our products.
About Mark Farrah Associates (MFA)
Mark Farrah Associates™ (MFA) is a leading provider of payer market share and financial performance data for the healthcare industry. MFA's Health Coverage Portal™ presents risk-based and self-funded membership data and detailed health plan financial statement data. Our product portfolio includes Health Coverage Portal™, County Health Coverage™, Health Insurer Insights™, Medicare Business Online™, Medicare Benefits Analyzer™, and Health Plans USA™.
Mark Farrah Associates
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SOURCE Mark Farrah Associates (MFA)