Enhance Health – a company founded in 2021 through a strategic partnership with Bain Capital – is transforming health insurance enrollment in the US. Pulse 2.0 interviewed Enhance Health CEO Matt Herman to learn more.
Matt Herman’s Background
What is Matt Herman’s background? Herman said:
“I’ve been in the health insurance space for over 15 years, where I’ve progressed from being a standalone agent to founding and scaling several companies. Most recently, I founded Health Benefits Group, a premier wholesaler of supplemental insurance products which was sold to Bain Capital.”
“As CEO of Enhance Health, my primary responsibilities are driving mid to long-term strategic initiatives forward and overseeing Enhance’s distribution and growth operations. “
Formation Of Enhance Health
How did the idea for Enhance Health come together? Herman shared:
“Enhance Health came together as part of my partnership with the Bain Capital team. There was a very clear need in the market for a tech-enabled but agent-guided marketplace enrollment experience. We sell multiple products, but ACA plans have emerged as our main focus with the recent growth and stability in both FFM (Federally Facilitated Marketplace) and SBE (State Based Exchange) markets.”
Core Products
What are Enhance Health’s core products and features? Herman explained:
“Enhance Health is the largest enroller of ACA plans in the country – we help hundreds of thousands of Americans find health insurance coverage every year. Enhance Marketplace (our proprietary enrollment software) and our PlanRecommendor tool allow our agents to find the best plan available to that consumer’s individual needs and find subsidies available to them. In fact, 97% of our members pay $0 a month in insurance premiums while obtaining the coverage they need.”
Challenges Faced
When Herman was asked about the challenges faced in his industry, he acknowledged:
“The United States insurance marketplace is one that is constantly and rapidly evolving, with massive changes across Medicaid, Medicare, and the Affordable Care Act unfolding over the last several years. One specific issue I’m focused on is the unwinding of the Medicaid Continuous Enrollment Provision, which is driving millions of Americans off Medicaid and creating a treacherous situation for those that aren’t being presented with alternative insurance coverage. Some estimates peg the number as high as 15 million citizens that will lose Medicaid coverage, which presents a sizable challenge to state governments to help protect vulnerable populations.”
“Enhance is working diligently to design programs in conjunction with proactive states to make sure these Americans can find alternative coverage options.”
Evolution Of Enhance Health’s Technology
How has the company’s technology evolved since launching? Herman noted:
“We are constantly finding new ways to apply technology to make the enrollment and plan-finding process easier for our agents and our members. Enhance now has a highly proprietary tech stack that serves as a sizable competitive advantage in the market. In 2023, we acquired one of the few CMS-approved EDE platforms and integrated it into our enrollment flow as Enhance Marketplace. Combined with our PlanRecommender tool and our Enhance 360 customer relationship management database, our agents are now more productive per capita as a result.”
Significant Milestones
What have been some of your most significant milestones? Herman cited:
“The journey so far has been incredible as we continue to increase access to healthcare in America. One milestone that sticks out to me is Enhance enrolling over 7,500 members in a single day during the Open Enrollment Period this year- that is so many lives touched and changed for the better via the peace of mind that insurance coverage provides.”
Customer Success Stories
After asking Herman about customer success stories, he highlighted:
“We have hundreds of great reviews and success stories on TrustPilot and other review websites. Our members often are receiving the peace of mind and reassurance that is provided by health insurance for the first time when they sign up with an Enhance Agent. To be able to provide that to hundreds of thousands of Americans is a really unique value proposition and one that we are very proud of.”
Differentiation From The Competition
What differentiates Enhance Health from its competition? Herman affirmed:
“Enhance’s dedication to quality separates us- through massive commitments in technology, training, compliance and quality assurance, we do right by our customers.”
Healthcare Unlocked
Tell me about Healthcare Unlocked. What is it about? Herman replied:
“Healthcare Unlocked is an exciting partnership between Enhance Health and media powerhouse Hollywood Unlocked. One of the biggest challenges that the Affordable Care Act has had over the years is harnessing the correct messaging to drive enrollment and create excitement around a hugely impactful program.”
“Jason (Lee, founder of Hollywood Unlocked) and my goal is making healthcare cool by partnering with celebrities and influencers that have had their own unique healthcare journeys to help us drive increased awareness.”
Advice For People Without Health Insurance
What advice can you provide to those without health insurance? Herman pointed out:
“The biggest thing to know is that there are a vast range of options out there for you, regardless of where you are in your life. The health insurance ecosystem can be a confusing one, but it is set up to protect Americans. It’s far too risky to go extended periods without the safety that health insurance provides- health is wealth and there are plans available for minimal or zero cost in many situations.”
Future Company Goals
What are some of Enhance Health’s future company goals? Herman concluded:
“In 2024, we are focused on two key objectives – finding even more ways to serve our customers better and continuing our growth trajectory. We are unlocking new key markets so we can continue our goal of unlocking access to healthcare in America.”
