MG 660 Strategic Marketing
United Health Care Group
United Health care group is the leading insurance provider in the United States. Over 85 million individuals are offered health services and benefits in 50 states in the U.S (Reuters, 2018). It is headquartered in various states including Minnesota, and Minnetonka. Additionally, over 125 nations across the globe enjoy the services and benefits the company offers. In 2014, United Health Group registered returns worth $130.5 billion (United Health Group, 2018).
United Health Care Group is an existing company for-profit managed health care that offers high quality medical as well as insurance services (Reuters, 2018). The company is dedicated to presenting innovative methods, services, and products that can promote healthier populations as well as enhance personal health among locals. It is a diverse health care with its operation stationed in the U.S (Reuters, 2018). The company functions through four segments including OptumRx, Optum Insight, Optum Health, and United Healthcare. With respect to United Healthcare, it provides health services as well as benefit plan that focuses on consumers for individuals, small businesses, mid-sized employers, public servants, and national employers. Additionally, the company offers United Healthcare Retirement and Medicare (Reuters, 2018). Therefore, handling the need for preventive and critical health care services, as well as services addressing chronic conditions among other issues affecting older people of age 50 and above.
I choose United Health Care Group for various reasons including the company being the largest insurance company globally and 6th in the U.S. The company was the first to meet the evolving health care environment by introducing advanced health insurance technology such as GP office software, hospital admission pre-certification procedures, and drug formularies to aid in cutting costs (UnitedHealth Group, 2018). The company promotes higher quality care at an affordable price. United Healthcare Group offers numerous benefits including Medicaid, provisional health insurance, Medicare, dental, family, individual, small, and commercial business plans.
In conclusion, United Healthcare Group, Inc. is committed to helping individuals stay healthy and helping ensure the health care system work better for every population through their various innovative services, products, and approaches.
Reuters, T. (2018). UnitedHealth Group Inc (UNH). (Reuters) Retrieved April Friday, 2018, from FULL DESCRIPTION: https://www.reuters.com/finance/stocks/companyProfile/UNH
UnitedHealth Group. (2018). UnitedHealth Group. Retrieved April Friday, 2018, from About UnitedHealth Group: http://www.unitedhealthgroup.com/About.aspx
United Healthcare Group
UnitedHealthcare is a unit of the United Healthcare Group that provides various health benefit programs and services. The health benefits programs help to meet the needs of the customers effectively through ensuring access to quality health care plans and offerings. United Healthcare Group seeks to a launch a new health insurance product for children. Most insurers do not offer products for children and thus, the launch of a new health insurance plan for children will help in growing health insurance coverage in the market (Freedman, Lin & Simon, 2015). The design of health insurance plan for children will be targeted for urban areas such as New York. The insurance plan for New York region will help in growing the market coverage.
The product to be offered is a new health insurance plan that will provide universal coverage for children is a new product. The insurance cover will be effective and useful in improving access to quality health care services (Sommers, Gunja, Finegold, & Musco, 2015).
In terms of competitive analysis, United Health Insurance plan faces stiff competition from close rivals including CareDx Inc, Foundation Medicine Inc, and Humana Inc. To remain competitive, United Health insurance plan will need to be cheaper and accessible to all children (Cawley, Moriya, & Simon, 2015). Making the coverage of children more universal and ease would make the insurance product more competitive.
The tool below shows the potential strengths and opportunities available to the health insurance firm as it offers the new product.
1. A strong leader in health care plan market
2. It has huge market capitalization
3. Strong focus customers
4. It has innovative and diverse range of healthcare offerings. Weaknesses
1. It does not have a specific competitive edge.
2. Health care plans depends on government regulations and interventions.
1. Children not enrolled in the healthcare programs
2. Introduction of new products to target population of clients
3. Introduction of new plans for particular health problems
1. The changes in government guidelines could impact the operations
2. The increased level of competition
Cawley, J., Moriya, A. S., & Simon, K. (2015). The impact of the macroeconomy on health insurance coverage: Evidence from the great recession. Health Economics, 24(2), 206-223.
Freedman, S., Lin, H., & Simon, K. (2015). Public health insurance expansions and hospital technology adoption. Journal of Public Economics, 121, 117-131.
Sommers, B. D., Gunja, M. Z., Finegold, K., & Musco, T. (2015). Changes in self-reported insurance coverage, access to care, and health under the Affordable Care Act. Jama, 314(4), 366-374.