Enrollment periods are a crucial time for healthcare insurance executives and the businesses they support. Managing employees during enrollment periods, as well as finding the right outsourcing help and communicating with customers, can easily make or break an enrollment period.
By thoughtfully navigating enrollment periods, healthcare insurance executives can boost enrollment and turn new clients into loyal policyholders. It's never too late to revise your enrollment period strategy so that you can serve your clients, protect your staff, and build up your business.
One of the best ways to manage the various stressors presented by enrollment periods is outsourcing. Getting support from experienced insurance professionals is an excellent way to ensure you're keeping up with demand without hiring full-time help. Expanding your team this way can save you money and time, and it will free up your current employees to do the tasks they specialize in.
Understanding AEP, OEP, and SEP
Each enrollment period has its special considerations. Successfully navigating these enrollment periods requires a large amount of insurance knowledge and an understanding of the nuances of serving policyholders.
By having a clear strategy for each enrollment period, healthcare insurance executives can drive results and accomplish business goals. If you’re feeling overwhelmed when looking toward the next enrollment period, consider if outsourcing could be the solution.
The Benefits of Outsourcing Enrollment Processes
The enrollment process is often memorable for policyholders. Whether it goes smoothly or is challenging, the process a business employs says a lot about the experience policyholders will receive.
Because of the large influx of enrollment needs during the previously mentioned periods, outsourcing is an option many healthcare insurance executives opt for.
When you choose the right outsourcing partner, they’ll be able to provide you with dedicated staff that can support policyholders throughout the enrollment process.
Choosing to outsource means building your internal team without paying for full-time employees and the associations they come with. By working with a partner specializing in insurance, you'll gain access to staff with experience in the field and understand what it takes to integrate into a business seamlessly.
Let's review some of the top benefits of outsourcing during enrollment periods.
We’ve already briefly touched on this, but cost savings is one of the many reasons why outsourcing enrollment processes makes sense.
Full-time employees are not only expensive once they're hired, but finding and training them can also quickly eat up a budget. When you work with an outsourcing partner, you'll receive employees already trained in insurance.
Efficiency is key during enrollment periods. Without prioritizing efficiency, employees can fall behind and policyholders can suffer.
The new team members can help in all areas where needed, increasing efficiency and helping your current team focus on tasks they specialize in. The large demand associated with enrollment periods can quickly become overwhelming if a team doesn't have enough support, so consider if outsourcing could be the key to boosting your team's efficiency.
One of the most stressful aspects of enrollment periods is that they’re unpredictable. The scalability that outsourcing offers is the ideal solution to this obstacle.
You can quickly and easily adjust your team when you choose to outsource during enrollment periods. Having a team that can evolve based on demand provides healthcare insurance executives peace of mind.
Risks and Considerations of Outsourcing Enrollment Processes
While outsourcing enrollment processes can be extremely beneficial for an insurance business, there are a few key things to remember.
Making sure that new team members have a clear understanding of compliance is essential. Without deep compliance knowledge, your new employees could put your business at risk.
New Team Member Risks
Enrollment periods are crucial and bringing in new help during that time can be risky. One of the best ways to fix this is to have clear processes and set reasonable expectations for the people you're bringing on. Having open lines of communication will ensure that everyone is on the same page and all policyholders are receiving the same high level of service.
Outsourcing help during an enrollment period can mean giving up a certain level of control. This is not always the case, but one of the best ways to deal with this is to work with the right vendor.
Choosing a Potential Vendor
Evaluating potential vendors is one of the most important things you can do while preparing for an enrollment period. Choosing the right vendor will not only provide peace of mind but also help your business achieve its goals.
Asking direct questions, sharing any concerns, and setting clear expectations are all good ways to ensure you choose the right outsourcing partner. When evaluating potential vendors, it's important to understand not only what you're looking for, but the specific ways that you want new staff to integrate with your team.
Some important considerations to keep in mind when choosing a vendor for outsourcing enrollment processes include the following:
- Compliance - As previously mentioned, comprehensive compliance knowledge will protect your business and ensure you're comfortable with your new staff.
- Price - Budget is one of the most important factors to consider, especially if you may need to scale your team later in the enrollment period.
- Location - Do you want staff to work virtually? Will they be commuting to your office?
Key Strategies for Outsourcing Enrollment Processes
Creating clear strategies for outsourcing enrollment processes is one of the best ways to set your team up for success. Below are some strategies to consider in preparation for the coming enrollment period.
Business Goals and Objectives
Identifying business goals and objectives will provide a clear direction for your team. When you’re outsourcing support, it’s essential that you’re getting a satisfactory ROI. One of the best ways to do this is to have business goals that are carefully laid out.
Presenting new staff with reasonable objectives is one of the best ways to support them as they integrate into your team and assume their new responsibilities.
Communication and Collaboration
How involved do you want to be with your staff during enrollment periods? In what ways are you expecting your team to collaborate? Asking these questions is important, as communication and collaboration are pillars of successfully outsourcing help.
Expectations and Metrics
When you’re onboarding your new staff, it’s essential that you have clear expectations laid out for them. Being able to communicate their responsibilities is vital and it’s also an important factor to discuss when evaluating potential partners.
Another essential consideration is success metrics. Defining these metrics for your business will mean you can evaluate ROI and understand the benefits of outsourcing.
Maximizing Results During Enrollment Periods
We’ve already discussed the importance of outsourcing during enrollment periods, but how exactly can you maximize results?
Data analytics is a tool that's often overlooked, but it can be the key to evolving your business in a productive, comprehensive manner. By analyzing data and using predictive modeling, you can use past experiences to inform future decisions.
If you're unsure what to do with your current data, consider speaking with your outsourcing partner about a professional who can provide support in this area.
Outreach and Engagement
Taking care of your current policyholders is essential, but it's also important to be actively working toward new clients.
Enrollment periods are the perfect opportunity to deploy targeted outreach initiatives. By reaching your target audience, you can save marketing dollars and get the clients that make the most sense for your offerings. If you're outsourcing this part of your business strategy, consider asking potential vendors about their approach and what specific talents their staff would offer.
Support and Resources
Enrollment periods can be overwhelming for insurance business staff, but they can also be challenging for individuals searching for a policy. This is one of the reasons why it’s essential to provide a high level of support.
Providing resources is an excellent way to build credibility and save your team time in the long run. Having resources readily available on your website can answer potential questions and point new clients in the right direction during the plan selection process.
Is Outsourcing Right for You?
There are a variety of reasons why insurance businesses should consider outsourcing during enrollment periods. If you're looking to accomplish business goals, provide a high level of support for those searching for a policy, and ensure that your current staff has the resources they need, outsourcing could be right for you.
If you will be using an outsourcing partner, it's important to be clear about your business objectives, success metrics, and communication expectations. Outsourcing is an excellent way to optimize performance and achieve business goals, especially during enrollment periods.