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Health plans are diversifying outside of their historic business operations in response to heighted market pressures and to achieve long-term stability and growth. Line of business (LOB) diversification is one of the traditional methods of diversification, in which plans expand outside of their core market segment to leverage opportunities in other markets.
Health plans can grow through LOB diversification, but they face challenges such as resource constraints, marketing a new product, and serving new demographics.
Read Advisory Board’s emerging idea on what health plan line of business diversification is, and why we’re watching it.