The Product Strategy team has revolutionized the Product Design process at MVP Health Care to better meet the needs of our customers. We as a team like to share what that process is to provide a better understanding of how we develop these highly rated products.
There are two core phases each year that cover the product development cycle at MVP Health Care. Each of these phases lasts approximately six months. The first of these is the Product Discovery phase. The first step we take is to look to our EBI data which is comprised of quantitative datasets that identify the specific needs of Medicare beneficiaries in our service area. Other datasets that are explored are grievances and appeals, MVP customer surveys, market research, individual product performance, as well as feedback from our partners. Once this data is compiled, we are able to develop a product that meets the needs of our customers.
The second phase is comprised of a cross-functional team from across the MVP organization that reviews all of the Product Strategy team recommendations to prioritize any changes to ensure a successful launch. Some of the things this team uses to determine priorities are through a thorough financial analysis, assessing resource capabilities, and confirmation of alignment with corporate strategies. Once approved through the annual Bid submission to the Center for Medicare and Medicaid Services (CMS) the Growth, Operations, Customer Experience teams successfully continue the Product launch process.
As you will see on the following slides, the Medicare Advantage Employer Group Product Portfolio is remaining stable.
In plan year 2024 MVP Health Care will continue to offer a mixture of plans to meet the needs of our employer groups and their Medicare eligible retirees. This includes the MVP Preferred Gold HMO-POS plan, the MVP USACare PPO plan, and the MVP RxCars prescription drug plan. Each of the Part C Medicare Advantage plans comes with multiple variations of coverage.Additionally there are multiple riders that can be attached to the plan to enhance coverage with options such as Dental, Vision, and Prescription Drug coverage
For the 2024 plan year the Employer Group Service area is not changing. We offer plans to employers within the entire state of new York as well as the state of Vermont
As reflected on this slide, there are no cost share (copay / coinsurance) changes all plans MVP offers with the exception of the Preferred Gold and USACare Base plans. This increase is to the Skilled Nursing Facility benefit. Most of you are familiar with this as the CMS standard benefit increase is absorbed annually into these packages.
There are no tier changes for our 2024 formulary.
The change you should note is the annual increases to the Initial Coverage limits, and true out of pocket maximum, and the catastrophic coverage cost shares.
Read the Vision benefit slide
Read the Dental Rider Options slide
We introduced this new hybrid benefit allowing for customer choice in the 2023 plan year. Thus far we have seen an increase of utilization. At MVP we know that our customers being able to hear leads to better health outcomes. Hearing health addresses social isolation and fall risks for example.
MVP will continue to offer 1 week of meals post inpatient hospital discharge. This benefit aids in the transition to home when our customers are at their most vulnerable. Our meals can also be customized to meet various dietary and cultural needs.
MVP is excited to introduce our new Be Well Rewards program. Designed to be simple and easy to achieve. Utilizing the online platform which is accessible through our Gia application a customer who completes their Annual Wellness visit with a provider will receive a $100 gift card from available options presented to them at time of redemption. The gift cards will be store-directed and cannot be used to purchase alcohol, tobacco, and firearms. Additionally, they cannot be used for gambling purchases such as lotto or be used to lower prescription drug copays.
Our fitness programming is so much more than giving our customers access to fitness centers. Fun Fact - With more than 15,000 participating fitness locations there are more fitness locations for our customers than there are Starbucks!
There are online classes and workshops available LIVE online as well as a full on-demand library of workouts and how-to videos for total health. And do not forget about the Silver Sneakers GO App so for our active, on the go customers. Additionally, the Go App provides immediate access to the Silver Sneakers ID card.