What are the most effective ways to partner with health insurance companies?

Consider three important steps. First, understand the market structure. Is the market community rated (like in Australia) or not community rated (like most markets)? The answer drives very different incentives. Second, understand how insurers seek to reduce and delay claims cost. For clarity, this is not about being malicious. Initiatives that reduce or delay claims cost often refer to and focus on proactive health prevention activities designed to keep people healthier for longer. Third, understand evidence thresholds. In other words, develop a clear understanding of what evidence each insurer requires in order to engage with your program or product. They are unlikely to engage if the evidence is still emerging.

Getting into partnerships is very similar to getting into relationships. If you talk too much and do not listen to what your partner wants, it will never work. Listening is the smartest way to learn how to build relationships.

Credibility is critical. Your objective is to reduce the 'time to trust' to the shortest possible timeframe. Building relationships across a large health insurer can take time. For each person you meet, try to connect with two of their colleagues. The objective is to learn as much as you can and in the process create as much value for these people as possible, and in doing so create a network that is familiar, comfortable and ultimately, an advocate for you within their organisation.

Getting an advisory board to support you is one of the best ways to build credibility and also to leverage your connections for relationships. See how other companies are doing this and use it to move forward with the smartest choices on advisors.

Governance frameworks designed to uphold clinical standards and meet service level agreements with health insurance customers (ie employers) can mean that implementation timelines for new innovations can take time. If you are the smaller innovator wanting to introduce your program or product to a health insurer, ask for examples of the time it has taken for other programs to be able to health insurance members. This is often a useful proxy. Finally, talk and plan openly with your health insurance partner in terms of scenarios. This will help them better understand your needs and vice versa.

Entering into a win-win situation is the ideal option. It takes some time to learn and understand what the other side wants, and if you have it. Once that is done, now you just need to find the right way to have someone hear you.

Delivering consistent value and support is essential in partnering with health insurance companies. They demand top-notch products and services, often with stringent standards for compliance and privacy.

Maintain regular and consistent communication: Bullet points that work! Schedule regular meetings Utilize multiple communication channels Show appreciation and recognition Verbally express gratitude Offer public recognition Organize social events Identify and propose new ways to add value Stay updated on industry trends Collect feedback Address any challenges or issues promptly Communicate openly and honestly Be flexible and adaptable By following these strategies, you can build strong, lasting partnerships with health insurance companies that deliver value for both parties and contribute to the overall improvement of healthcare outcomes.

Be focused on delivering the primary objective while also being open to exploring and solving adjacent problems as trust grows. More often than not, health insurers will want to 'do more' with a partner they trust.

Continual learning and improvement are crucial when partnering with health insurance companies, as the industry is constantly evolving to meet changing customer needs. Monitor media on what is happening and what challenges companies experience. See if you can assist with resolutions.

A mix of patience and urgency is needed to engage with health insurers. Playing the long game matters, as does the mindset that health insurers are trying to solve a collection of urgent, tricky and interconnected challenges that they cannot solve by themselves. That's why a partnership driven approach is the answer.