VNAB Pricing Recommendation
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This was the final deliverable for my B2B class. I was responsible for slides 9~13, along with the appendix which I felt would answer questions about where our pricing equation was being rooted from. Unfortunately, I have not personally followed-up on the implementation of our team\'s recommendations.
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VNAB Pricing Recommendation
- 1. Melissa Hui Lulu Li Victor Pan Phil Rapp
- 2. Founded in 1886, largest VNA in the country. The Wellness Program is a non-profit enterprise with 1 full time employee Provides health related programs and screenings aimed to help clients keep their employees healthy Corporate Community Profits fund free community clinics Wellness Outreach
- 3. Corporate Wellness: Community Outreach: •Health Screening, •Free clinics for the Immunization and community; no revenue Educational Presentations •71% volume of spending is •Over 300 clients on Community Outreach •97% of revenue from Flu •Is funded by profits from Clinics Corporate Wellness •New screening technologies for blood pressure, glucose and cholesterol
- 4. Health Screenings Educational Presentations $500/hr Blood Pressure Work/Life Issues $75/hr. 2 hr min Ergonomics Blood Glucose Seasonal Wellness $125/hr + $5/person. 2 hr min. Nutrition Cholesterol Alternative Healing Techniques $125/hr + $5/person. 2 hr min. Immunizations Body Mass Index (BMI) Influenza (Flu) $75/hr. 2 hr min $25/shot. $625 min. Tuberculosis Testing (TB) H1N1 $125/hr + $5/person. Pneumococcal Hand Washing Demonstrations Hepatitis A Hepatitis B Shingles Measles/Mumps/Rubella (MMR) Meningococcal
- 5. Direct Mail to managers Thank you Monthly E- cards Newsletter Initiatives Tele- Clinic Sign market to Ups Email past clients Blast
- 6. Health care bill • MA insurance companies required to 2015 give complementary preventative care • Convenient to individuals and cost Minute Clinics effective for employers • CVS, Walgreens, Rite Aid Large Insurance •Purchase in bulk and offer a wider array Companies: of services Tighter Budgets: •Not re-booking health services
- 7. Customers not aware of value offered by VNAB Communicate Identify Value Value Personnel and Incentives VNAB Success
- 8. Identify Value Communicating Value Personnel and Incentives
- 10. On average, $3.27-4.50 savings on medical insurance per dollar spent on wellness The lower the risk, the lower the insurance premium Shifting down the risk groups decreases overall insurance cost 94% of companies with wellness programs reported medical cost savings *supported by exhibit Identifying Value
- 11. Graph from VNAB Internal Report Identifying Value
- 12. $2.73 savings from absenteeism per dollar spent on wellness Healthier employees are more productive than sick ones Retention = Lower the cost to replace an absent worker Identifying Value
- 13. Time is money. Save time. Save money. Save time for the commute to hospitals, testing, and waiting for test results. Have a comprehensive set of results from one reliable source. Minimum work disruption Identifying Value
- 15. Problem: Extensive variety of customers ◦ Heterogeneous customers Blue Man Group, Bank of America, Harpoon Brewery ◦ No customer criteria Solution: Now: Customer Ideal: Products fit fit VNAB products customers Communicating Value
- 16. Educational Screenings Immunizations Seminars Current State – Products sold separately Ideal State – Bundle and customize packages Bundle Communicating Value
- 17. Problem: Website: Informative, but not sales oriented Pamphlet not congruent with website information Lack of advertisements targeting buying center Solution: Need aligned marketing strategy Communicating Value
- 19. Ineffective Marketing Initiatives Direct mail, Telemarketing Part time nurses distributing pamphlets Diminished Awareness of Value Value Proposition of complete product suite un-communicated Poor sales performance Volatile sales distribution Personnel And Incentives
- 20. $11,286 Flu Clinics Other Coporate Wellness Revenue $370,784 Personnel And Incentives
- 21. √ Promote entire product suite √ Spread sales beyond flu shot packages Competitive frame of reference improved vs. √ Insurance companies Personnel And Incentives
- 27. Albert, Steven M., and Richard Schulz. Working Caregivers and Employer Health Care Costs. Rep. MetLife Mature Market Institute, Feb. 2010. Web. 24 Apr. 2011. <http://www.metlife.com/assets/cao/mmi/publications/studies/2010/mmi-working- caregivers-employers-health-care-costs.pdf>. Baicker, Katherine, David Cutler, and Zirui Song. "Workplace Wellness Programs Can Generate Savings." Health Affairs 29.2 (2010): 1-8. Kibble & Prentice. The People-to-People Health Foundation, Inc., Feb. 2010. Web. 24 Apr. 2011. <http://www.kpcom.com/newsletters/documents/Workplace%20Wellness%20Programs%20can% 20generate%20savings.pdf>. Loeppke, Ronald, Dee W. Edington, and Sami Be'g. "Impact of the Prevention Plan on Employee Health Risk Reduction." Population Health Management 14.5 (2010): 275-83. US Preventative Medicine. 2010. Web. 24 Apr. 2011. <http://www.uspreventivemedicine.com/Files/PDFs/In- Line/Research-Study-Population-Health-Management-journa.aspx>. "How Does Health Care Reform Affect You?" Mass.Gov. Executive Office of Health and Human Services, 2011. Web. 23 Apr. 2011. <http://www.mass.gov/?pageID=eohhs2modulechunk>. "CVS Minute Clinic." 2011. Web. 23 Apr. 2011 http://minuteclinic.com "How Will the 300 Minute Clinics in 2007 Impact Current Medical Practice?" OnThePharm. Web. 26 Apr. 2011. <http://onthepharm.net/2007/02/minute-clinic-retail-medical- practice.html>. Shimp, Bradford |. "Small Business Healthcare: Don’t Give Up Your Plan Just Yet." Blog | All Business Answers. 23 Mar. 2010. Web. 26 Apr. 2011. <http://allbizanswers.com/small- business-healthcare-dont-give-up-your-plan-just-yet/>. VNAB. Visiting Nurses Association of Boston 2009 Wellness Overview. Internal Report. 2011. Print. VNAB. Visiting Nurses Association of Boston 2011 Wellness Plan. Internal Report. 2011. Print.
Notes de l'éditeur
- 382070 total wellness revenue from corporate and community.
- Mainly B2C tactics while booking is a B2B activityNo sales force.
- 1. May be an opportunity if the insurance companies employ our services.http://www.mass.gov/?pageID=eohhs2modulechunk&L=5&L0=Home&L1=Government&L2=Special+Commissions+and+Initiatives&L3=Healthcare+Reform&L4=National+Health+Care+Reform&sid=Eeohhs2&b=terminalcontent&f=eohhs_healthcare_reform_national_how_hcr_affects_you&csid=Eeohhs22http://www.minuteclinic.com/http://onthepharm.net/2007/02/minute-clinic-retail-medical-practice.html3: Large companies can buy in bulk and charge lower prices. How to prove this?4: direct effect VNAB has been told as to why companies do not rebook serviceshttp://allbizanswers.com/small-business-healthcare-dont-give-up-your-plan-just-yet/
- Similar to rohm and haas case.
- *In "Workplace Wellness Can Generate Savings,” The evidence suggests that large employers adopting wellness programs see substantial positive returns, even within the first few years of adoption," they found. "Medical costs fall about $3.27 for every dollar spent on wellness programs, and absentee day costs fall by about $2.73 for every dollar spent.”Among the findings: Citibank's health management program reported an estimated savings of $4.50 in medical expenditures per dollar spent on the program, and studies from the California Public Employee Retirement System (CalPERS), Bank of America, and Johnson & Johnson similarly estimated sizable health care savings from wellness efforts.**A recent study by insurer MetLife, 94 percent of companies who implement wellness programs say they have reduced medical costs.Consultive TEV calculation:(Original Workforce High Health Risk – Reduced Workforce High Health Risk ) * Insurance Premium for High Risk + (Original Workforce Medium Health Risk – Current Workforce Medium Health Risk) * Insurance Premium for Medium Risk+ (Original Workforce Low Health Risk – Current Workforce Low Health Risk) * Insurance Premium for Low Risk
- *In "Workplace Wellness Can Generate Savings,” The evidence suggests that large employers adopting wellness programs see substantial positive returns, even within the first few years of adoption," they found. "Medical costs fall about $3.27 for every dollar spent on wellness programs, and absentee day costs fall by about $2.73 for every dollar spent.”Among the findings: Citibank's health management program reported an estimated savings of $4.50 in medical expenditures per dollar spent on the program, and studies from the California Public Employee Retirement System (CalPERS), Bank of America, and Johnson & Johnson similarly estimated sizable health care savings from wellness efforts.**A recent study by insurer MetLife, 94 percent of companies who implement wellness programs say they have reduced medical costs.Consultive TEV calculation:(Original Workforce High Health Risk – Reduced Workforce High Health Risk ) * Insurance Premium for High Risk + (Original Workforce Medium Health Risk – Current Workforce Medium Health Risk) * Insurance Premium for Medium Risk+ (Original Workforce Low Health Risk – Current Workforce Low Health Risk) * Insurance Premium for Low Risk
- New employees require training, retained ones don’t
- Time Savings = (# of Employees) X (Testing offsite – VNAB Testing time) X (Employee Hourly Salary)
- Increase knowledge of consumers = better ways to cater to consumer needsBlue man group, bank of america, harpoon brewery. Among lawyers.
- One stop shop and bundling communicate value.
- There are countless pages of information that current consumers can utilize, but site does little for obtaining additional business
- Make sure to loop problem back into keeping the customers awarePassive marketing: largely B2C techniques, especially telemarketing LOOK INTO ACTUAL B2B success rates!Second point especially salient given Volatile sales= centered in flu shots, going the way of the dodo