Hailey Mensik July 8, 2020
Dive Brief:
·
Walmart will now sell health insurance policies directly
to its customers, a spokesperson told Healthcare Dive, confirming speculation
sparked by job postings from
the retailer for Medicare sales managers and insurance agents, first reported
by the Arkansas Democrat Gazette.
·
Analysts with SVB Leerlink said the move underscores the
attractiveness of this market and the likelihood of increased competition over
time, while Walmart's reach across U.S. consumers — including seniors — has the
potential to drive up volume for Medicare plans.
·
Online price lists for basic healthcare services at Walmart Care
Clinics show pricing at a 35% to 40% discount to rival CVS HealthHUBs on basic,
identical health services, "an ominous sign" for CVS "given
that it is still early days in the development of retail-based care
delivery," according to SVB Leerink’s report.
Dive Insight:
The move is the latest in
Walmart’s foray into the healthcare space. The retailer already
has 18 Care Clinics across
Texas, Georgia and South Carolina, providing treatment for chronic and acute
illnesses, though the clinics do not currently accept Medicare Advantage plans,
analysts noted.
Walmart has a major presence in
Texas, where the new job postings are listed. It's also a state where the
managed care organization market share is heavily concentrated in the hands
of UnitedHealthcare and Humana.
That could make Texas "an
ideal market to launch an effort like this," analysts said, given
Walmart's strong brand equity, dense store network and relatively few key MCOs
to contract with.
According to the SVB Leerink
report, Humana — the second largest MA plan in Texas — has worked closely with
Walmart for the past decade on standalone Medicare Part D plans. In 2018, there
was speculation the payer was in talks with Walmart for a closer alliance or a
merger.
Last month Walmart acquired the technology platform CareZone,
a venture-backed startup that develops apps to help people manage medications
and chronic illnesses. The deal was pegged at $200 million.
The retail giant has long been
seen as a potential major disruptor for the healthcare industry. It continues
to sell a list of generic medications for no more than $4 and is piloting a health-focused store in
Georgia. Other retailers like CVS and Walgreens have also
stepped up in the space recently, although not with payer products.
https://www.healthcaredive.com/news/walmart-launches-medicare-insurance-agency/581243/
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