"What we have never done before is say: "Let's rapidly prototype one in 30 days, trial it with a bunch of real consumers, get feedback, modify the next 30 days, get feedback again and so on." We would have typically come up with a six-month plan to build something, with no input from the people who are going to use it and then find out that we didn't build it quite right."
"We are streamlining the prior authorization process to make it less cumbersome, both for providers and consumers ... We predominantly serve seniors. They're absolutely digitally engaged. Sometimes we get caught up in the bias that they're not. This year we rolled out an event called the Cognitive Games, (games) like Bejeweled and Wordle. In the first week, we engaged a few hundred thousand people, so we knew we'd built something that they wanted."
Humana reported net income fell to $1.62 a share from $3.98 a share year-over-year and lowered its full-year earnings guidance. Jim Rechtin became CEO last year with a mission to transform Humana's relationship with customers and acknowledges the company is not where it wants to be while expressing optimism about next year's trajectory. Priorities include culture change via rapid prototyping for the annual enrollment portal and streamlining prior authorization to reduce burden for providers and consumers. The company emphasizes seniors' digital engagement, launching Cognitive Games that engaged a few hundred thousand people in the first week. Broader market context included Senate Democrats voting to end a U.S. government shutdown and markets rising on hopes of its end.
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