Growth
Our Growth…Becoming Stronger
Fiscal Facts: The Big Picture
With new money-saving processes and savvy investment in infrastructure, 2010 saw CareSource operating at peak efficiency – while continuing to deliver top-notch care and service to our members. Total enrollment for the year increased more than 9.2 percent over 2009. Our total revenue for Ohio and Michigan last year was $2.5 billion, while our total net income was $102 million or 4 percent of revenue.
Medical cost reduction initiatives in areas such as code editing and improved contracting helped us save more than $75.1 million.
We’re Growing Stronger…and Better!
To keep up with demand for service in 2010, we added 86 new employees and we’re now operating with our current total of 1,015 team members. This growth is great news – not just internally but also for our community and membership, since it means improvement in care and service at every level.
Learning through Research
CareSource conducted 900 interviews from both Medicaid consumers and consumers who may qualify for an exchange plan under health reform in Ohio. We asked a variety of questions related to brand attributes, health plan satisfaction, brand recognition, desired health plan benefits and services, and preferred communication methods.
We gained some important insights from this research, which include:
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Brand awareness: 73 percent of all Medicaid consumers were aware of CareSource, but only 58 percent were aware of any of the other plans
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Likelihood to recommend your health plan: 92 percent of CareSource members would recommend us
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Health plan selection influence: 30 percent stated that recommendations from a family member, friend, or doctor were key in deciding to choose CareSource
Research proved that CareSource is the most well-known, most likely to be recommended, and had the highest satisfaction level of other Medicaid plans.
The Membership Weighs In
According to the Consumer Assessment of Healthcare Providers and Systems (CAHPS) survey, member satisfaction remained strong in 2010. Once again, CareSource was one of the highest-rated Medicaid health plans in Ohio.
2010 Financial Statistics (Ohio and Michigan):
- Enrollment: 877,228
- Revenue: $2,457,000,000
- Net Income: $101,967,000
- Total Net Worth: $306,824,000