Please complete the assignment listed below. Your response should be presented as a formal memo. Submit your responses to me prior to Sunday at 11:55 PM EST. Save the document in WORD and name the document as: Lastname__W1GradedAssign. Do not exceed the specified assignment length. Should you utilize references, please note that words contained in the Reference section will not be included in the assignment word count. Use references to support your points and insights; make marginal, if any, use of direct quotes from sources.
The health care consulting group where you are employed has secured a contract with a health insurance company. One of the key challenges confronting the health insurance company is a lack of understanding of their subscriber base. Part of the scope of this engagement is a request to identify five key factors which can affect the demand for health care services within their subscriber base.
Your manager has requested that you draft a 400 word memo which identifies and comments upon these five factors. The memo should be organized as follows:
-Brief introduction to define the utility/rationale for obtaining the requested information
-Bullet-point listing of the five factors you identify and a brief descriiption of why this information is relevant
-A brief closing statement which also suggests one other area of relevant focus, apart from the subscriber base, which would better position the health insurance company to better understand the supply/demand relationship as it applies to their subscriber base.
Please use the information below to answer the questions. Do you copy word for word.
The health care consulting group where you are employed has secured a contract with a health insurance company. One of the key challenges confronting the health insurance company is a lack of understanding of their subscriber base. Part of the scope of this engagement is a request to identify five key factors which can affect the demand for health care services within their subscriber base.
Understanding, analysing, and keeping track of consumer behavior is of critical importance to retain a company’s subscriber base. A few factors that influence consumer behavior are listed below.
Purchasing power of a consumer plays an important role in influencing consumer behavior. Consumers usually analyze their purchasing power before taking a decision to buy products or services. Segmenting consumers based on their buying capacity would help in determining eligible consumers to achieve better results.
Group influence is another factor that affect consumer decision. The primary influential group consists of their near relatives, whilst the secondary influential group consists of neighbors and acquaintances.
Consumer behaviour is influenced by various shades of likes, dislikes, priorities and values. The personal view and opinion can become the dominant influencing factor.
Marketing campaigns done on a regular basis can influence consumer behavior and purchasing decisions in that consumer may opt one over the other or indulge in frivolous shopping.
Economic conditions prevailing in the market can greatly influence consumer behavior. A positive economic environment is known to make consumers more confident and willing to purchases irrespective of their personal financial liabilities.
The answers should be responded like below. This example does not pertain to this assignment. It should only be used as an example.
Date : 11/05/2016
To : The CEO
From : The Consultant
Re : Recommendations w.r.t. cost reducing strategies across the health care sector
Three cost reduction strategies and rationale behind them are summarized as follows:
1. The integration strategy to bring in all healthcare providers online
Rationale: it will improve accessibility and save time and cost. It will improve functions and cost of administration will come down. Besides, forecasting of demand in the health care sector could also be predicted with high accuracy.
2. The coordination strategy to streamline similar functions of different health care providers
Rationale: It will increase the efficiency of operation and cost will come down. Also, utilization of resources will give superior productivity.
3. Reforms and leadership strategy
Rationale: reforms in the health care sector need able leadership. It will bring simplification of processes that will reduce cost of long term. Also, better policies will also make ease of operation with higher patient satisfaction.
In precise manner, a combination of all the above three strategies will help in reversing the trend of increasing costs in the health care sector. For this, individual players have to mitigate their difference and join hands together for a better cost management.