Individual Health Insurance Markets That Work, Part Two
Fresh from an overseas trip focusing on health insurance markets and consumer empowerment, the chief marketing officer of a Massachusetts payer observes that in Australia, consumers are trained in healthcare financial literacy.
Debbie Gordon, Chief Marketing Officer, Network Health
Deborah Gordon, vice president of business development and chief marketing officer for Medford, MA-based Network Health, fast tracked her plans for a retail strategy after an eye-opening trip to Australia, New Zealand, and Singapore. Network Health's first retail space opened this week in Worcester, MA, and Gordon says the company will soon have a presence in some CVS pharmacy locations.
Gordon studied consumer empowerment in healthcare in other countries as one of nine 2013 U.S. Eisenhower Fellows. In part two of our discussion, Gordon told me that consumers in both Australia and Singapore have more control over their healthcare spending than Americans currently do, and with the ramping up of health insurance exchanges, U.S. insurers need to start planning for a similar trend. Part I of our conversation is here.
HLM: Singapore was where you thought you would find examples of consumerism, but it sounds like you learned a lot more about retail healthcare in Australia.
Gordon: There's much more of a private insurance market in Australia. The other thing is that Australia has years of pricing individual products. Because they have more history, they have more assurance that the population buying insurance will look like a balanced risk pool.