An Efficiency-based approach to determining potential cost savings and profit targets for health insurers : the case of Obamacare Health lnsurance CO-OPs

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<title>Efficiency-based approach to determining potential cost savings and profit targets for health insurers</title>
<subTitle>: the case of Obamacare Health lnsurance CO-OPs</subTitle>
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<namePart>Wen, Min-Ming</namePart>
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<abstract displayLabel="Summary">This research analyzes the performance of the health insurance consumer-operated and -oriented plan (CO-OPs), examines their medical services and operating efficiency, proposes an efficiency-based goal-oriented approach for cost reductions, profit targets, premium changes, and government subsidies, and provides an important guide for improvement potentials for both the CO-OP health insurance model and other health insurers. The CO-OPs are not satisfactory in the medical services efficiency, and they are much less efficient compared with other insurers. Potential cost reductions are significant using various (conservative) efficiency goals. Most CO-OPs suffer underwriting losses, as do many other insurers; a few CO-OPs are much more operating efficient than other insurers, but all CO-OPs need significant improvement of financial performance relative to benchmark insurers. Incorporating potential cost reductions, many CO-OPs would barely require any premium changes and government subsidies, and they are even capable of paying back the federal loans. With both potential cost reductions and premium increases, more CO-OPs would not need any help from the government but survive on their own. This research informs public debates and all stakeholders (including management, consumers, regulators, policymakers) of improvement potentials to be considered for related decision making besides other factors including the political environment and government policies.</abstract>
<note type="statement of responsibility">Charles C. Yang, Min-Ming Wen</note>
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<topic>Seguro de salud</topic>
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<topic>Asistencia sanitaria</topic>
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<geographic>Estados Unidos</geographic>
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<title>North American actuarial journal</title>
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<publisher>Schaumburg : Society of Actuaries, 1997-</publisher>
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<identifier type="issn">1092-0277</identifier>
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<text>05/06/2017 Tomo 21 Número 2 - 2017 , p. 305-321</text>
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