Opportunity Knocks with Growth of Behavioral Health Care
Posted on: December 11, 2020 by Addiction Treatment Providers
In this article for The Rough Notes Company, Inc, our Program Director, Krista Mayes, outlines why the current behavioral healthcare insurance market expansion is poised to be sustainable rather than just a flash in the pan
Every good agent knows that getting in on a growing market can go a long way in building a strong book of business. While some industries continue to grow in spite of COVID-19, behavioral healthcare is emerging as one of the most promising growth markets for insurance because of the pandemic.
At Addiction Treatment Providers (ATP) Insurance Program, we have been partnering with independent agents in behavioral healthcare insurance for more than 15 years, and never before has the growth potential been so clear.
Though 64 percent of behavioral health providers reported a decrease in revenue since March 2020, Doug Tieman, president and chief executive officer of Caron Treatment Centers, says the industry is projecting a tsunami of need. Pre-pandemic, the behavioral healthcare market, which includes mental health and addiction treatment facilities, was already set to grow more than 30 percent over the next five to seven years. The industry shakeup spurred by COVID-19, the depth of which has yet to be fully realized, only creates more opportunity for growth as providers adapt to meet critical needs in the community.
Key market drivers
With several fundamental factors driving the market, behavioral healthcare’s expansion is poised to be sustainable rather than just a flash in the pan. These drivers include:
According to TMR Research, “The forecast period of 2019-2029 can prove to be the most bankable era for the behavioral health market with the COVID-19 outbreak being the main aspect of growth.” While providers focus on people over profits, they are being confronted by a greater need for care and treatment than ever before. With a widespread increase in anxiety, depression, suicidal ideation, psychosis, opioid drug overdose, and substance abuse relapse resulting from COVID-19, providers will need to expand and bolster operations as they rise to meet market demand.
Posted in: Behavioral Healthcare Insurance