He graduated from the University of Florida. Terhune left The Times in January Strike at Kaiser Permanente averted two days before deadline. Stocks close higher, but indexes still end week in the red. Real Estate. All Sections. About Us. B2B Publishing. Business Visionaries. Hot Property. Times Events. Times Store. Facebook Twitter Show more sharing options Share Close extra sharing options.
WellPoint Inc. By Chad Terhune writer. While there is increased competition in this market segment, a number of smaller, less efficient plans are not likely to survive over the long term.
Within the large group segment, the trend toward consolidation of product options by employers continues, and this is good for WellPoint. In addition, we expect enhanced employer interest in our management services product in For management services customers, WellPoint functions as a health plan manager, providing actuarial and contract compliance support, medical cost and utilization management, quality review, benefit design and claims adjudication services.
This business enables WellPoint to establish relation- ships with large commercial customers, attract the best providers to our networks, and cross-sell our products as needs arise.
Another benefit of this business is that it provides a good return on equity with a very low capital investment requirement.
Our PPO- and HMO-based products for senior citizens offer another opportunity for growth, especially as the national debate over Medicare spending heats up. With financing reform likely, plans that offer choice and flexibility will become increasingly attractive to senior customers. One of the most exciting near-term growth prospects for WellPoint lies in the growing Medi-Cal market. California's Department of Health Services has awarded WellPoint contracts to cover the Medi-Cal populations of five counties-approximately , people.
This was the largest single block of business that WellPoint has ever received. We also won a Medi-Cal contract from Orange County's organized health system and expect to be working with Los Angeles County's local initiative Medi-Cal program during Quality-and cost-conscious plan management At the same time that we are aggressively pursuing top-line growth, WellPoint continues to be quality and cost conscious.
During , WellPoint launched an innovative recontracting program to improve the quality and competitiveness of the hospitals in our networks. Through this "partnerships for quality" program, WellPoint is rewarding, with preferred status in its networks, cost-effective providers who demonstrate a commitment to quality and the financial strength to compete in California's market-driven health care environment.
WellPoint is addressing the issue of quality on several other fronts, including prevention, disease-state management, outcomes research, and provider feedback programs. In addition to our check-up centers, which offer screening and testing services to promote healthier lifestyles, we help our members understand recommended screening procedure frequencies for a full spectrum of potential illnesses and conditions based on age.
Our disease-state management initiatives include asthma, diabetes and coronary-risk programs. WellPoint has also conducted and publicized extensive research regarding avoidable hospitalizations and adverse pregnancy outcomes.
The Company's HMO scorecard, in its third year of operation, serves as a quality and service improvement tool for key medical groups in our networks. Technology for customer satisfaction WellPoint has developed several technology-based programs to enhance customer satisfaction.
For example, the Company's state-of-the-art customer inquiry tracking system helps our managers quickly check the status of customer queries, offer effective solutions, speed up the time it takes to solve problems, and track outcomes. Another system, called Easy Bill, uses optical character recognition to ensure greater accuracy and speed in claims processing.
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