Mark Farrah Associates: Simplifying Health Insurance Data Analytics
MCMURRAY, Pa.--(BUSINESS WIRE)--The need for market data in the health insurance sector has never been greater and the country braces for change as the Trump administration prepares their health agenda. Significant changes to the Affordable Care Act (ACA) and Obama's healthcare reforms are fully expected. Though health plans have spent recent years adapting to the ACA, in the past year, many withdrew from state exchanges in response to financial losses. The industry is standing by, positioned to take advantage of new opportunities as they unfold when a new administration begins to address health policy next year.
"While competitor and industry analysis is always important, it is even more imperative during periods of rapid change. Addressing the data needed for this analysis is driving our product strategy, with an increased focus on the individual, small group and Medicaid segments." said Ryan Wolfe, General Manager, Mark Farrah Associates. "Our customers look to our products for timely, accurate financial metrics to assess competitor performance and profitability."
According to Mark Farrah Associates (MFA) www.markfarrah.com, insurance companies provided medical coverage for nearly 265 million people as of September 30, 2016, based on membership data filed in statutory financial reports. Health insurers and companies with a vested interest in healthcare rely on market share and health plan financials to assess competition and identify new business opportunities in the changing healthcare sector. The basis for these industry metrics are statutory financial statements filed on a quarterly and annual basis with state insurance regulators. Financial statements are prepared using statutory accounting rules as defined by the National Association of Insurance Commissioners (NAIC). For companies seeking comprehensive market data, MFA offers the Health Coverage Portal™, an online application that integrates NAIC statutory filings, California Department of Health Care (CA DMHC) financial statements, relevant government reports and MFA self-insured datasets.
Mark Farrah Associates' Health Coverage Portal™ provides 24/7 access to financials, enrollment and industry ratios for well over 1,500 health plans across 50 states. It is consistently updated and refreshed to deliver the most current information available, providing unsurpassed analytic support and reliable data. MFA conducts ongoing research to identify analytic content and acts quickly to integrate useful data into new and existing products.
Without question, there will be changes in the healthcare industry under the new Trump administration. While a full repeal of the current health law is unlikely, markets are likely to experience substantial swings in enrollment mix and financial performance from quarter to quarter. Mark Farrah Associates offers the products health plans and vendors need to retain or achieve a competitive advantage.
To learn more about the Health Coverage Portal™ and MFA's other valuable health insurance analytic tools, contact Mark Farrah Associates at 724-338-4100 or visit www.markfarrah.com. Also, for the latest insights about health plan enrollment trends and financial performance, visit the Analysis Briefs library on Mark Farrah Associates' website.
About Mark Farrah Associates (MFA)
MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, our products include Medicare Business Online™, Medicare Benefits Analyzer™, Health Coverage Portal™, County Health Coverage™, and Health Plans USA™.
Mark Farrah Associates
Ann Marie Wolfe, 412-944-2417