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Competition is inevitably everywhere in the business world. Insurance companies are well aware that their counterparts are always trying to one-up each other, attempting to attract members for themselves while increasing their profits and status in the market.
But insurers might see some new competition from providers that are launching their own health plans. MedStar Health, the largest health system in the Baltimore-Washington, D.C., metropolitan area, is doing just that with its latest health plan offering called MedStar Select. The provider began coverage earlier this year and, already, 11 percent of its 30,000 employees have signed up.
And while Eric R. Wagner (pictured right), MedStar's executive vice president of external affairs, said the hospital system doesn't intend to drive out insurers with its new health plan, other providers could adapt similar business models with an eye toward establishing a foothold in the insurance side of business.
To learn more about MedStar Health's decision to create its own health plan read the full interview at FierceHealthPayer.
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