Bolstering Sales with a Powerful ROI Methodology
BACKGROUND
The margin between winning and losing a large healthcare insurance contract can be slim. It might come down to competitive rates. It might come down to one single response on an RFP. In the case of United Behavioral Health, Optum’s large mental health insurer, it was an inability to show a return on investment for their product suite. Sales personnel were constantly asked for one during bake-offs with other insurers but were unable to deliver.
THE CHALLENGE
How can Optum develop a defendable ROI methodology to differentiate its product offering in competitive pitches?
WHAT WE DID
We joined forces with key clinical, financial, market research and data science professionals across Optum to uncover a seldom used – but highly important – patient survey that held the keys to unlocking the company’s value proposition. Specifically, the survey asked patients to self-report the number of days they missed work (absenteeism) or lost productivity (presenteeism) due to their mental health disability before and after intervention by Optum. Armed with this market research, we combined it with customer utilization rates and leading academic research to produce a compelling ROI statement for Optum’s mental health and wellness product suite.
WHAT WE ACHIEVED
The ROI approach instantly became a powerful tool in Optum’s new business arsenal and was incorporated into the company’s marketing collateral. By the end of its second year in use it was assisting on an annual run rate of $10-15 million in incremental new revenue. The methodology also helped to improve Optum’s close rate on new employer contract sales.