Health Insurance Industry
Community Care Plan is a company that is located in Fort Lauderdale, the United States of America whose mandate is to provide health insurance. There are several aspects of culture that I was able to note throughout the time I was on internship, and that is that the people in Florida are greatly influenced by the Hispanic culture. Community Care Plan operates in the insurance industry of the United States of America. The net premiums of the insurance industry in the United States of America totaled $1.2 trillion in the year 2017 among which 52% were premiums made for life/ annuity insurance and 48% percent were premiums by property/casualty (P/C) insurers accounting for 48 percent. According to the U.S. Bureau of Economic Analysis, the insurance industry in the United States of America contributed 3.1% of the nation’s GDP, which was $ 602.7 billion. The insurance industry in the United States of America has created several jobs in the United States of America. 2.7 million people were employed in the sector in the year 2017. My experience as an intern in the insurance industry was one of the best, and I was able to learn many things.
Community Care Plan is a company that provided health insurance, and it is located in Fort Lauderdale, United States of America. Fort Lauderdale is located on the southeastern coast of Florida. Visit South Florida shows how diverse the area is; however, it has greatly been influenced by the Hispanic culture. Gauging from the experience that I had in Saudi Arabia, it came to my notice that the business environment of the United States of America is different from that in Saudi Arabia. In the United States of America, people tend to be punctual, and the people must make sure that they finish the assignments before or on the due date with a few exceptions. On the other hand, the punctuality in Saudi Arabia wants since people tend to be flexible in terms of deadlines and handing in work on time. The compromised punctuality in Saudi Arabia affects the pace by which some tasks are being done hence affecting the performance of the firms (Cummins, Weiss, Xie, & Zi, 2010).
The other important thing about the business environment in the United States of America is the fact that the highly ranked employees are very humble. I did not find it hard to associate with the highly ranked personalities in the companies. I was able to engage in multiple casual conversations with a number of the highly ranked employees such the CFO, the head of the finance department who was very approachable and seemed to enjoy the conversations that we held. It taught me that the students are not supposed to fear to talk to the higher-ranked employees because there are many lessons that they can learn by talking to them. The interns should, therefore, grab the opportunities that they have in the workplace and enquire about what they need to know from the highly ranked employees, and in so doing they will learn a lot that will help them succeed in their quest to learn which is important as they struggle to grow their career. Associating with the highly ranked employees could also help the interns to get opportunities to work on the major assignments that will help them to learn better as a way of improving their career life in general (Cummins, Weiss, Xie, & Zi, 2010).
I also noted that English was the language that is used in 100% of the formal conversations meaning that anyone who wants to work or do business in the United States of America needs to learn and perfect his or her mastery of English as a way of improving the process of communication among the corporates in the business environment. However, Spanish is also important because of the country’s proximity to South America, where the language is widely spoken. It is also notable that most of the executives play golf meaning that if one wants the place where he or she will be able to interact with the executives, then he or she has to love golf as a sport and ensure that he or she presents herself there frequently. I also noted that the in America sense of humor is used in spicing the communication and it is important because it makes it easier to open up to each other and present the grievances that one is facing in his or her life. Eating while walking down the street is very okay; hence, no one should feel shy about munching his packet of biscuits or popcorns when the craving sets in. The practice has improved the sales of the food joints that sell food products on the roadside. The federal and the state governments have done their best in ensuring that the hygiene of the food products is guaranteed (Cummins, Weiss, Xie, & Zi, 2010).
Community Care Plan operates in the insurance industry in the United States of America. The industry had net premiums that totaled $1.2 trillion in the year 2017. Among the total net premiums that were recorded, 52% were the ones paid for life/ annuity insurance whereas 48% percent were the premiums that were paid by the clients for property/casualty (P/C) insurance which accounted for 48 percent, according to the Insurance Information Institute (2019). The P/C insurance in the United States of America is made up of home, auto as well as commercial insurance which is a sector which the total premiums in the year 2017 were $558.2 billion. In the country, the health insurance is considered to be a separate entity, and it is made up of the government programs that have been designed to improve healthcare as well as health financing and the private insurance companies that work in the country. P/C and L/H have insurers that also take part in writing some health insurance. The country had 5954 insurance companies in the year 2017 according to the National Association of Insurance Commissioners which shows that the industry is very competitive and the insurers are supposed to come up with various measures that will ensure that they have a competitive advantage over the other companies in the industry. According to the U.S. Bureau of Economic Analysis, the insurance industry in the United States of America contributed 3.1% of the nation’s GDP, which was $ 602.7 billion. The insurance industry in the United States of America has created several jobs in the United States of America. 2.7 million people were employed in the sector in the year 2017. The overview indicates that the industry is growing. One notable thing is that the health insurance section of the insurance industry. There is a need to sensitize the people in the society on the importance of insurance so that many of them can come on board and enjoy the benefits that come with insurance. The insurance industry in the United States of America has been categorized as one of the biggest in the world basing on the volumes of premiums that are contributed by the policy holders. The insurance industry in the United States of America is regulated by both the state government and the federal government. There are several types of life and health insurance. Health insurance covers dental, vision, medications and the others, life insurance on the other hand covers accidental death and dismemberment, long term care as well as hospital indemnity. The life and health insurance also focuses on annuities (securities) as well as life and annuities (Cummins & Xie, 2011).
The first insurance company in the United States of America was formed in Charleston, South Carolina in the year 1735, and it underwrote fire insurance. Benjamin Franklin helped in the formation of a mutual insurance company called Philadelphia Contributionship which is the oldest insurance company that is in operation today. It was the first company that made contributions that were aimed at protecting the contributors against fire. The company warned against fire hazards and also refused to insure some of the buildings that were at a very high risk of catching fire such as the wooden houses. Insurance Company of North America was the first stock insurance company to be formed in the United States of America. Massachusetts in 1837 came up with a law that required all the insurance companies to have adequate reserves. The appointment of the first commissioner of in New Hampshire in 1851 saw the regulation of the insurance companies begin in earnest. The regulation of the insurance companies was taken to the state level with the appointment of a commissioner of insurance and subsequently creating a state insurance department. Ever since the insurance industry has grown and diversified to what it is today (Cummins & Xie, 2011).
The major forces in the industry include political, economic, socio-cultural, technological, and competitive. The political environment is one of the forces in the industry because it affects the way the industry is regulated and the way it is run. The United States of America enjoys political stability that creates a conducive environment for running businesses. The economic environment is also a force because it is a determining factor of whether the people have the funds that will enable them to afford the services that are provided by the insurance companies. The improvement in the economy of the country will play an important role in ensuring that the people have money to spend on the products and services that are offered by the insurance companies. The socio-cultural environment focuses on the beliefs of the people as far as taking the insurance policies is concerned. The practice of taking the insurance policies is coming to most of the people in the United States of America, and the government is doing its best to ensure that the people have access to the insurance policies. The technological environment has played an important role in the growth of the insurance sector by ensuring that the information about the importance of insurance gets to the people in the society. Competition is also another force that affects the success of the insurance industry in the United States of America. Many insurance companies are coming up to compete for the available clientele (Cummins & Xie, 2011). The insurance industry also has several international aspects that are some international insurance companies have been set up in the United States of America’s market. A significant number of American insurance companies are working in other countries around the world, which means that the insurance industry operates around the world. The international insurance companies that are operating in the United States of America include AON plc. US companies such as AIG operate in other countries around the world.
The insurance industry in the United States of America is very competitive. The performance of the employees in the industry is important for the success of the firms that are operating in the industry. The industry is important because it helps people to access quality healthcare without straining their budgets. One important thing to note is the fact that the success of the industry is important for the people in the society.
Community Care Plan is a health insurance company that is located in Fort Lauderdale in the US. The company is owned by Broward Health and Memorial Healthcare System. The company is licensed and accredited to work in the US. The Accreditation Association did the accreditation of the company for Ambulatory Health Care as a Health Plan, self-insured employee health plans, CCP serves enrollees enrolled in Medicaid as well as the Children’s Medical Services Network. As I was working in the company, I noted the commitment that the company has towards the improvement of the health of the people in Broward County. The company is striving to have a positive impact on the lives of the people in the United States of America by allowing them access to the community resources and most importantly allowing them to access a high standard of healthcare. The health plans that are provided by the company are designed to cover a wide range of health and medical services and make it possible for the physicians in various healthcare centers to provide quality healthcare to the people because of the improved healthcare financing of the health of the people in the society. The company always has an aim of improving clinical excellence and to exceed the expectations of the customers. They close the care gaps that exist in the healthcare sector; they serve as the trustee partners with the staff and the providers. The company also provides education together with the healthcare resources that will meet the needs of the people who are enrolled in the healthcare programs that are provided by the organization. The company also holds various quality improvement committee meetings that bring together their partners in healthcare. Community Care Plan also offers to pay for performance that will provide the physicians with the necessary tools that are required to support them to provide high-quality healthcare for the patient. CCP also rewards various healthcare providers that manage to meet the criteria that have been put in place, and all are focused on improving the lives of the people in the society. The customized data and reports together with their specificity to the practice of the physicians help the company to close the gaps in important clinical quality measures. The company has approximately 800 employees that help the company to provide the best services to the clients in the organization (“ccpcares,” n.d.).
CCP has managed to support the people in the US in such a way that the rate of hospital readmission has reduced by 6.0%. The company has also managed to facilitate the decrease in emergency room visits by 1.9%. The company has also had $3.5 million in incremental revenue annually. The mission of the company is “Driven by our community responsibility to \positively impact the health and wellness of those we serve” and the vision is to be “Be the vehicle for population health for Broward County.” (“ccpcares,” n.d.).
The financial information about the company is not available on the internet, so I request that you provide the information kindly.
The company uses the product differentiation strategy where they have kept the prices that they deem necessary and ensure that they provide high-quality products at the best price possible. They keep the products unique and unique offers that are not provided by the competitors that make them attract more clients. The reason why they chose the strategy is not clear, but many of the employees think that it is because the management of the organization thinks that it will work for them. The strategy makes sure that the people in the society can pay for the products. The customers are also ready to pay for the products even though the premiums may be higher compared to that of the clients (“ccpcares,” n.d.).
The organization structure of the company is made up of the directorate that is in charge of the company. The directorate is in charge of selecting the chief executive officer of the company. The CEO, on the other head a group of departmental heads. The company has the departmental head in charge of finance, departmental head in charge of healthcare and health insurance and the departmental head in charge of customer care in the company. Under the departmental heads are the junior staff who make sure that the tasks that the employees have put in place for the benefit of the company. The leadership strategies that have been put in place by the directorate and the management plays a very important role in the success of the organization. The organizational culture of the organization is friendly to all the employers that are working in the organization. One of the aspects of culture that is seen in the organization is respect. All the people in the company are supposed to respect each other in such a way that there will be synergy in the workplace. The other aspect of organizational culture has togetherness in the organization in such a way that the service delivery will be improved. The employees who perform better are rewarded by being promoted (“ccpcares,” n.d.).
The internal conditions in the organizational are important because they fit well in with the environmental conditions that have been described in the industry analysis. The competitors that Community Care Plan face in the marketplace include United Health Group, Humana Group, HCSC Group. The company is not in a bad position compared to the competitors, but there are many things that they need to do to ensure that they are better placed in the organization. Some of the strengths that the company has compared to the competitors is that it has better leadership that is keen on ensuring that the company succeeds in the market. The weakness that the company has compared to the competitors is the fact that the sales teams of the competitors are more experienced and prominent compared to the ones in the company that I worked as an intern. CCPs only operates in Broward County, which is a weakness. The sales team is what has made the company to perform averagely instead of being the best company. The company should maintain the mission, objectives, strategies, structure, style, or culture because it describes what the company stands for and deals with the issues that affect the society currently. The future of the company is going to be great because of the measures that have been put in place with the management to ensure the success of the performance of the organization and the dedication among the members of the management to succeed in the company.
During my internship, I worked in the finance department, where I participated in the preparation of the payment files for monthly sub capitation. I also participated in the calculation of annual bonus payouts for all the 38 paid performance- P4P providers and the Pediatric associates. I also prepared and provided the documents that were used for ASR audit. I also prepared the work papers for the upcoming ASR, and then I researched the requirements for certificate and exception renewal. Working in the department was one of the best experiences that I had in the organization. The department was very sensitive, and that made it hard for me to share the samples of the work products that we produced in the workplace. The supervisors and the other people working in the management were very friendly and humble in such a way that we were able to interact with each other at the friendly level. The experience in the workplace was important because it enabled me to learn some important things in my career that will help me to succeed. I contributed to the ongoing operations in the workplace by performing all the tasks that I was given.
Please provide the exhibits that I should add, please.
I also contributed to the ongoing operations in the organization by giving my suggestion on how various tasks are supposed to be conducted in the workplace for the success of the organization. The best thing is that the leadership of the organization gave everyone working in the organization regardless of their position a chance to contribute to the success of the organization. My efforts helped the organization in achieving its goals because I ensured that I give the ideas that will help in the success of the organization and ensuring that the tasks that I was given that are in line with targets that the organization had put in place. There were several challenges that I faced in the workplace that affected my work. One of the challenges that I faced included the fact that I was afraid to ask questions because I was new to the workplace, and I was afraid of meeting the highly ranked employees in the organization. To counter this challenge, I made sure that I am a better worker to impress the supervisors and myself. The other challenge was the fact that the supervisors acted like they are not aware that I am new to the field, and they could, at times treat me like a professional employee. The best thing about it was that I was able to learn a lot with the many tasks that I was given. The other challenge is that the other interns wanted to compete with me so that they become noticed in the workplace, but that did not worry me.
There are many experiences in the workplace that I faced as I worked for the organization. I was able to enhance the skills that will help me in the future. I improved the collaboration skills that helped me to work better with the other people in the organization in such a way that we improved the service delivery in the organization for the benefit of the organization. I have also been struggling with time management int the workplace, and I am proud to say that my internship helped me to develop the time management skills that will help me to improve my skills. The other important thing is that I was able to apply whatever I learned in school to the professional environment. The lessons that I learned in the workplace helped me in gaining confidence in my career and performing all the tasks accordingly. It has inspired me to do my best to ensure that the people in the society have access to insurance since I realized that many people are misinformed about the insurance and how it is important in the society. I attended the weekly finance department meetings that helped me in getting to understand how various functions are done in the organization. I was also exposed to the work environment where work ethics are applied. I was able to understand the importance of ethics in the workplace. The application of ethics was important in ensuring that the relationships in the workplace are enhanced and that the careers of the employees are improved accordingly. It is therefore important to note that Community Care Plan is a very interesting place to work in, and one has the opportunity to improve his or her skills in the workplace.
ccpcares. (n.d.). Retrieved from https://ccpcares.org/about-us/overview
Cummins, J. D., Weiss, M. A., Xie, X., & Zi, H. (2010). Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry. Journal of Banking & Finance, 34(7), 1525-1539. doi:10.1016/j.jbankfin.2010.02.025
Cummins, J. D., & Xie, X. (2011). Efficiency, Productivity, and Scale Economies in the U.S. Property-Liability Insurance Industry. SSRN Electronic Journal. doi:10.2139/ssrn.1189487