How Healthcare Plan Providers Can Use Financial Incentives to Increase Uptake

Updated on July 3, 2020

Healthcare is a unique sector. Having a benevolent principle at its center, it’s easy to overlook the fact that companies belonging to it are businesses that must function like any other. This includes the underlying need to turn a profit, in order to not only remain solvent but deliver the best possible service moving forward.  

In order to achieve this, there is one goal, in particular, that providers must work toward: continually growing their customer base. With client contributions primarily funding such ventures, healthcare plan businesses can only expand their reach and improve their offerings by pumping ever more capital into their company, which is why it’s important for them to consider ways of increasing their uptake. 

Financial incentives are just one possible solution to explore, with the following options each having the potential to deliver a marked increase in profits. 

Multiple-person policies  

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Source: Pixabay

One avenue that healthcare providers whose companies need a boost may find it useful to explore is multiple-person options. These essentially offer a discount for every additional individual who is added to a policy, in order to encourage not just one member of the family but all of them to contract with you. The result is that even though you will make a marginally smaller profit per person, the increased business will more than make up for it – to the benefit of both you and your customers.    

Referral bonuses 

Engaging new customers is a vital component in maintaining a healthy business, but so too is retaining your existing clients. One way that you can achieve both at the same time is by operating a referral bonus scheme. This encourages your customers to share their positive experiences of your company with other interested parties, helping to garner interest and encourage further exploration of your offerings. Once their interest has been peaked, you can then extend this discount to those who have been referred as well as the referrer themselves, to entice them in and secure their business.  

Sign-up discounts

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Source: Pixabay

In order to grow their customer bases, healthcare plan providers must ensure a continual stream of new business, which means it’s necessary to set themselves apart from the competition to nurture interest and engagement. One way to do this is by using sign-up discounts – essentially, by enticing consumers in with the promise of a low initial outlay. This is a method that’s used to great effect by many other industries, with online gambling providing a perfect example.

Utilizing such promotions to draw people in and give them a chance to experience their products without paying full price, this method is so popular within the sector that it has led to the creation of numerous affiliate sites such as BonusFinder UK, which are dedicated to sharing these deals and offers with those who are weighing up their options. The result is an ever-growing customer base and plenty of outside interest. 

When it comes to ensuring that your health care plans stand out from the crowd, financial incentives can make all the difference, especially with regards to drawing new customers in. Isn’t it time you reviewed your approach and implemented some small changes in order to grow your enterprise in the long term?  

The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.