Revenue Diversification for Dental Plans
Revenue diversification: an important but challenging way for dental payers to enhance value and drive results. We can help with that
How to drive progress, respond to disruptors in the dental space, and provide the dental care of the future? That’s the issue many payers are facing, as new entrants, both well-capitalized technology players and investor-backed start-ups, are pursuing aggressive plays to disrupt traditional business models and diversify revenue streams.
Gradual growth in conventional lines of businesses and products is not enough. The time to innovate product offerings and revenue streams is now.
West Monroe is uniquely positioned to partner with dental payers looking to define and execute revenue diversification strategies. With expertise in product development readiness, market segmentation and entry, technology assessments, and systems implementations, our dental consultants help you develop strategies for success in new market segments and offerings. So you can be prepared for any challenge—and opportunity too.
Results You Can Expect
- Accelerated speed to market for new product offerings
- In-depth analysis of strengths and gaps for new market entry
- Clearly defined value proposition supported by revenue diversification strategy
- Alignment of current business capabilities with new product offerings
- Accurate and on-time delivery of Medicare and Medicaid RFP requirements
- Enhanced future state business models (e.g., personnel, facilities, security and confidentiality plan, claims/tars processing plan, quality management, beneficiary/provider outreach plan)
- Identification of total cost of ownership and best fit across technology solutions
- Competitive pricing, both internally and externally, for future vended solutions
What We Offer
You’re looking to expand into new lines of business, product offerings, and day-to-day business and technical operations. We’re here to support your revenue diversification plans by focusing on three critical areas:
Assessing opportunities for new market entry
We assist our clients in identifying competitors in their market geography and developing go-to-market strategies.
- Modeling business segment maturity modeling across commercial, government, and individual lines of business
- Developing value proposition and growth strategies
- Identifying cross-sell opportunities and new product development (e.g., vision, hearing, pet, benefit administration, third-party administration)
Though other business lines grew, 2017-18 saw a reduction of direct written premium. Despite the downward revenue trend in the dental industry, there’s an opportunity: enter new market segments and diversify revenue streams.
Analyzing operational proficiency
We assess your ability to meet regulatory requirements, advise on investment decisions, and assist in product development.
- Assessing business capabilities around new product offering builds or new market entry
- Supporting direct-to-state Medicaid RFP development
- Advising on program development and governance
Supporting product portfolio implementation
We implement technical or process-driven capabilities for clients that currently go to market with a complex and diversified product portfolio.
- Assessing technology capabilities
- Capturing business requirements to aid in software selection
- Establishing a project management office to execute complex implementations
