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Small Business Employee Benefits and HR Blog

Young and New Healthcare Professionals Grasping the Changes of the ACA

As a result of the Affordable Care Act (ACA), change has left many healthcare professionals wondering which direction to turn. While many healthcare professionals have continued to operate as they did prior to the ACA, many young and new healthcare professionals have adapted to these changes and have begun taking full advantage.Success

This article provides a few of the ways that young and new healthcare professionals are grasping, and taking advantage of, the ACA and industry changes.

Complexity

One of the most common ways that young and new health care professionals are taking advantage of the ACA is through it’s complexity. It’s no secret, the ACA is complex. If you have ever found yourself lost or confused as a healthcare professional, imagine how many small business owners feel.

America’s confusion on the ACA provides a huge opportunity for healthcare professionals to act as an educator, navigator, and ultimately a provider for health insurance. As a recent article by Entrepreneur.com puts it, “Agents that embrace reform and learn how [it works] will be participating in an unprecedented opportunity in this industry.”

Become that trusted advisor for your prospects and current clients. You never know what referrals or other product opportunities might arise from your shared knowledge.

Product Lines

We have seen many brokers expand their product line in the last few years. This is because some products and services are money-makers, others are not. Some products and services help healthcare professionals ‘get a foot in the door’, others should be presented after a relationship has been established. Diversifying your product line provides for greater opportunity.

Defined contribution solutions have become a popular offering for many healthcare professionals as they typically costs much less than group health insurance, and allow healthcare professionals to generate new prospects for other types of products.

In a recent Q&A with the President of Select Pointe, Gary Adkins says “The biggest benefit financially comes from the side effect of offering Defined Contribution. This positive side effect is the generation of new prospects for other products.”

Whether it’s disability, long-term care, or Medicare - smart solutions such as defined contribution allow you to prospect and offer more products and services.

Emotional Intelligence

Many young and new healthcare professionals today are, or are working on becoming, emotionally intelligent. Psychology Today defines this as “the ability to identify and manage your own emotions and the emotions of others.”

In this day and age, it is easier than ever to shop and compare plans. The ACA has made that possibility even more convenient for consumers and small business owners. Being so, many feel that they can simply go online and pick a health plan that best fits their needs. But as we have pointed out, it’s not always that easy.

Health plans have become not only more complicated, but also more personal and often take a healthcare professional who is compassionate and understanding to each individual situation. In addition, it takes awareness to identify the problem and the ability to tie all of those issues together to find a tailored solution for each client.

Simply put, if the prospect or client doesn’t feel that they are being understood, they are less likely to elicit your services.

Marketing

Handing out as many business cards as you can probably won’t cut it. But staying engaged on social media, utilizing the power of the internet, and investing in email marketing can.

Many of the successful healthcare professionals we see today are ramping up their marketing efforts. They are actively engaged on social media, utilizing Search Engine Optimization (SEO), and investing resources in building lists of prospects to stay top-of-mind through email marketing initiatives.

Outbound marketing initiatives have become largely inefficient for small teams, therefore making inbound initiatives the clear choice for many young and new healthcare professionals. If your website needs a tune-up, do it. The industry is changing and so should you.

How have you taken advantage of the ACA and changing healthcare industry?

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