Seeing Vijay Kotte, who is the CEO of GoHealth. He's going to go through the presentation, and then we will get to some questions at the end. With that, Vijay, over to you.
Thanks so much, Pat. Really appreciate you all taking the time to learn a little bit about GoHealth. I hope to get through it in a fairly efficient manner and give you a good taste of who we are, how we're changing the industry, and how we're really unique and we serve consumers in a differentiated way. So with that, let me pop you through here. First and foremost, I'll acquaint you with our forward-looking statements, disclosures. Please read those at your leisure. We'll jump right into the deck itself. To begin with, we're going to talk about our management team. This team has been specially assembled for the task at hand. We have unique experiences within the Medicare space, unique experiences within online marketplace environments that are consumer-centric. You can see that with Mike Hargis with his experience at LifeLock and other places as well.
We've got a very seasoned team that has experience in public company and doing broad-based consumer marketplace marketing with Steve Moffitt and Katie O'Halloran. And then Allison and Brad bring a very systematic, long-range experience of large company and healthcare experience. So all very valuable for us. And what you'll also see uniquely on the page is that both Mike Hargis and myself have the little green moniker next to ours that we became licensed agents. I became a licensed agent in late 2022, as well as Mike Hargis soon thereafter, so that we could truly get the same training and experience of our agents who help support consumers every day. And what we do with that is we learn through our trainings that we do every year new and unique ways that we can approach the business. And I think that's a value-added bonus for us.
Now, when you think about our company, I'm leaving you here with this slide for a second. I'm going to come back to it at the end. But the way we think about this is this is our executive summary. This is what you, as investment professionals, take back to your investment committees to highlight what's unique about us and why you should be thinking about us as an investment opportunity. So I'll go through it at the end, but this is the highlights. It will be the general flow of how we discuss today. And then we'll more substantively describe these at the end one more time. Now, if you think about the organization, there's key metrics that make sense. But at a high level, we're serving the Medicare community. And the Medicare community is made up of 65 million individual Medicare consumers.
Within that, over half of them have selected Medicare Advantage plans. So think about 30 million consumers are on Medicare Advantage plans today. Of all of the 65 million, we've had over 30 million individual interactions with consumers that triangulate to approximately 10 million unique individuals. I know a lot of stats there, but this is the largest data set of anybody in the industry. We've interacted with more Medicare consumers than anyone else. Ultimately, when you think about what we did just last year, we touched over 2 million Medicare eligibles, and we enrolled over 800,000 consumers into Medicare Advantage plans. Again, industry-leading. Then delivering over $735 million in revenue, $75 million in Adjusted EBITDA, and then most uniquely within the industry, generated over $109 million in cash flow from operations.
This is not only unique for us specifically as to what we've been able to do with our turnaround over the last couple of years, but more specifically within the industry, no one else is even near cash flow break even, or at least they're getting close to it now. We got there in 2022, and now we've generated over $109 million, which from 2022, that is, or sorry, 2021, that's over $400 million in improvement in cash flow from operations. So a significant, significant metric for us. As you think about what makes GoHealth unique and different, we can talk about the industry overall, but what you'll see is that we have a built-for-purpose platform. It's built for the purpose of really driving a high-value, personalized experience for the consumer. What that means is that you need to have enough at-bats.
We have to have really high-trained agents and associates who can build that platform. Then we have so much tech behind it that is proprietary, that's unique, and built to deliver a consistent experience for each consumer, regardless of how they access us and regardless of which agent they speak to. That is what's really critical and really a considerable moat or competitive advantage for us. We have both talented associates as well as unique, differentiated technology that only comes with time. Once you get to scale, as we do, you get a significant overall market position with the health plans. When you have that position with health plans, you can obviously open the door to innovative relationships, different structures, products, and opportunities that we'll highlight a little bit further as we go along.
Then finally, by doing all of that and having a strong focus on our operating model, thinking about the money you have, not the money you hope to have, and spending what you've got, we've been very adept at being able to respond to market dynamics and then deliver a strong financial position as a company. If you think about the Medicare Advantage market overall, as I highlighted, 65 million beneficiaries, half of those are on Medicare Advantage plans now. And as the market continues to develop, you're seeing more switchers than new enrollers, though the overall market is growing at 11,000 consumers a day. And if you think about how that breaks down, there are two major product categories within Medicare. So of the 30 million, you have some that are on what you call Special Needs Plans. And those are on the traditional Medicare Advantage plans.
Special Needs Plans are those plans that you maybe have multiple chronic conditions. Maybe you're diabetic. Maybe you have congestive heart failure, something like that, that qualifies you for a unique plan set. You might also just be low-income on Medicaid as well as on Medicare. That might qualify you for a Special Needs Plan. But the unique part for the health plans is that there's a very distinct difference in the profitability of those plans for the health plan on a SNP consumer on a SNP plan versus those not on a SNP plan. And so a SNP plan has three times the margin profile for the health plan that a non-SNP plan does. And what is unique about GoHealth is that we're able to differentially attract populations who are in the SNP category.
So those who have low income or specialized needs come to us because of the way we market, but more importantly, because of the technology we deploy against our agents who know this population well. So we have the key questions. We have the key issues that are relevant for that population. We know what benefits matter the most for them. And then most specifically, our agents are able to relate to the consumers in a differentiated way to give them confidence as they make health plan choices. When we deploy that capability, you can see that the distribution within the market is only 25% Special Needs Plans. But GoHealth delivers 42% Special Needs Plans. So when we have differential share of Special Needs Plan populations and for health plans, that is three times the margin profile than the average Medicare beneficiary.
That is extremely valuable, a very symbiotic relationship between ourselves, the consumers, and the health plans that, again, keeps us at the table as they think about who they want to partner with and how to invest in us in the future. Based on those relationships, we are and continue to be the leading enrollment source for nearly every major health plan in the industry. You can see all the names here on the screen. Those health plans represent over 80%+ of the overall Medicare Advantage space. We have consistently, over the last few years, been the number one source of enrollment for each one of them individually across all channels that they have access to. When you think about the consumer, why do they come to GoHealth? Or what is the problem we're trying to solve? Let's start with the problem.
The problem is you've got Medicare consumers who have way too many options presented in front of them to decipher on their own. They don't know who to trust. For many of you who are on employer benefits of some sort, you have maybe three options. You have an HMO, a PPO. You might have an HSA. So you really don't have to make many options other than the type of insurance you want. Whereas for a Medicare consumer in a major metro area, they may have over 100 options available to them: multiple HMOs, multiple PPOs. They don't know which drugs are on what. They don't know if their doctors are covered or not. So it's nearly impossible for any human to do that by themselves.
So without the use of really built-for-purpose technology that simplifies that for the consumer as well as the agent, you're unable to really navigate the noise, all the things on the left, the lack of trust. They don't know who to trust. There's too much information. And they're overwhelmed by people trying to market to them. When you come to the GoHealth experience, you get our technology which simplifies that for our agents to personally match you with the most suitable plan as well as give you peace of mind in your purchasing decisions. And when you come back to us on a year-over-year basis, you don't have to start from scratch. We remember who you are. And our Customer 360 platform allows you to do that. So you come back in, we do an add, change, delete. We're not doing a full positive replacement of the information.
That is a game changer of just knowing that somebody remembers you. And in this population, that matters a lot. Now, there are multiple ways a Medicare consumer enrolls in health plans. One, you could say, why do they even need anybody like you in the first place? Well, a consumer could know that they want to be on a United plan. And they would call United and go through the left-hand side of this process. They would have very low consumer choice. They come in, regardless of what plan you're on, that United agent will try to get you on a United plan. So you don't get any other health plans offered. They really don't have much technology because they only need to know the 4-5 plans that they offer. And then I'll highlight what a Plan Fit Checkup is later.
But ultimately, if you're on a plan other than United in that instance, and that is actually the best plan for you, that agent is not motivated to tell you that. That agent is motivated to get you on a United plan. So that's why that says low on an unbiased Plan Fit Checkup, because they are biased. Now, if you go through the center, this is the most, I think, interesting insight about the distribution space. A consumer goes through an independent agent. They believe that when you go to an independent agent, you're going to get access to all the plans that may be available to you, all the different health plans that are available in the marketplace. What they don't know is it's impractical for an independent agent to actually offer all the health plans.
There's cost to learning how to get appointed with them and to learn about their products, et cetera. So when you call Bobby, who's been your agent forever in your local community, Bobby likely has 3, maybe 4 at most, different health plan options available. Bobby gets you on the best plan that's available within that mix. Again, Bobby is only incentivized to enroll you in a new plan other than the one you're on because that's the only way Bobby gets paid. So when you think about the dynamics, again, consumer choice is slightly better than going to an individual health plan. Technology, again, very limited. That's why they don't offer so many products, because there's only so much they can understand and convey. Then again, they're not incentivized to tell you you're on the right product.
They're only incentivized to get you in a new product because that's how they get paid. Now, let's move to the far right, the GoHealth experience. We have intentionally made sure we're all green, right? So we designed the slide this way so it works such that, but it's also true. We offer all the major health plans in the country. Again, like I said, over 80+% availability of health plan options. Second, technology assistance. I've already really stressed how our proprietary Plan Fit tool and matching methodologies give the consumer access to navigating all the plan options based on their unique assessment of needs. And we'll talk about that in a second. But most importantly, at the end, we have unbiased Plan Fit Checkups.
So if a consumer comes in, regardless of the relationship we've had with them in the past, and we assess that the plan they're on is one of the top three based upon our proprietary ranking logic, then we will tell them to do nothing. We pay our agents to do that. Nobody else in the industry is doing it. That allows us to truly build trust with the consumer. Now, we've been continuously morphed and evolved as a company. That's something that's going to never change because the Medicare space is cyclical. We need to understand the cyclical nature of it. One thing holds true, and that is one of the highlights you'll see at the top of this chart of GoHealth Today. GoHealth Today is 100% consumer-centric. We do what's right for the consumer first.
Let me give you a double click on that. There are three primary constituents in this business. There are brokers like us. There are health plans. And then there are consumers. The typical dynamic with brokers and consumers and health plans is that brokers bring consumers to health plans. Simple enough. The customer in that environment for that broker is who? It's the health plan. In our environment, though the health plan still writes our commission checks, et cetera, for us, we flipped it. We say we bring health plan options to consumers. The consumer is the customer. When you say that emphatically and build all your processes around it, it does change the way you behave. It means you don't care who pays you more or less. You're really driving to what's best for the consumer above all else.
If somebody wants to pay you more, you're not going to give them more enrollment. You're only going to do it if they win. And they should love that too, because if they invest in benefits, they should win. And if they don't, they should expect to lose. That's a fair and open playing field. And that's what we deliver. Our standardized platform enables us the right to be efficient in making changes. The Encompass model we've deployed, that workflow is one that we can replicate and we can modify and then deliver at scale. So we can make adjustments because all of our agents are following this model, and we're able to deliver high-value compliance as well as a consistent experience for the consumers. And then we've been able to ensure that we have access to all the relevant health plans for the consumers.
And more specifically, because we've been as efficient as we can in our operations, as well as we redesign our contracts, we're in a very cash-efficient business that, as I said earlier, has already swung between fiscal year 2021 to fiscal year 2023, over $400 million of improvement in cash flow from operations. Now, as you think about that experience, and you'll see this is a flywheel circle of sorts, it's a continuous relationship. And why I say that is that we are not an enrollment company. We're an engagement company. And we are, to our own definitions, the leading Medicare engagement company there is out there today. And that starts at the beginning. So at the step one, you can see here the shopping process.
We make sure a consumer, when they come in, they have a verification of intent to shop and that their eligibility to actually participate in a new Medicare Advantage plan. Then we look at them, and this is where that real personalization happens. We ask a very specific set of questions, almost conjoint style of what things are most important to you to be able to prioritize your specific needs and then fit that through our proprietary logic to say, for you in this geography, based on your demographics and our experience, we are able to predict which plans we think will be a best fit for you. And that is, again, this is where you get into I don't like to use the terms liberally AI and automation, et cetera. But this is where our predictive logic is coming into play.
We see that consumers who are like you, have your needs, tend to retain better in policies that are like our forced logic that we put in place. And that may not be the same for the person who lives right next door to you. That's the personalization. That's the ability to use the data that we built, like I said, over 30 million interactions to deliver that unique matching mechanism. Then you confirm it. You want a real-time QA to confirm that the intent of the consumer is being met and they understand what's going to happen next. That's live QA, again, unparalleled in the industry. And then finally, you want to activate. That is, we know the benefits that the consumer is enrolling or switching plans because that motivated that. We want to make sure they have access to that.
The key is to do that at the end of the call, to check in with them again within 30 days, and to try to do it again in 90 days. We know the number one dissatisfier for most consumers is the benefit they changed plans for didn't end up working the way they thought. Transportation benefit. They didn't know that they had to call 72 hours in advance for access to the transportation benefit. They didn't know which ways they could use their flex card or their grocery card. If they don't know how to access those, then they get very dissatisfied quickly and they disenroll quickly. So we really engage in that.
And then access is the Customer 360 element, as I described, proactively interacting with the consumer on an annual basis or at least attempting to, to enable them to check their options and to re-verify that they're on the right plan for them and not have to start from scratch over and over and over. So we believe this is that continuous process. You get them in, you build true trust, and you're able to do all of this and then repeat it year after year. Now, here's an example of how Plan Fit Checkup actually works. Now, the scenario we've got here on the left is Marcus. On the right is Anne. When you think about this, Marcus is on a subpar product. He calls a traditional broker. He gets enrolled in a new product. He has high satisfaction. He calls GoHealth. Also, he was on a subpar product.
He's going to get enrolled in a new product, and he's going to have high satisfaction. Anne is really the exemplary case. Anne comes in. She's on a pretty good plan. So she calls in. A traditional broker, like I said earlier, is incentivized to do only one thing: enroll her in a new product. So they do. Now, with GoHealth, though, she's on a great product. We've never spoken to her before. We tell her to do nothing. She got a Plan Fit Checkup. You're on the right plan. Stay with where you're at. Now, that, we believe, builds long-term trust. Very few people understand, very few people encounter entities who are for-profit that just do the right thing. And we prove we do. Why do we do that? It's because we're trying to build a longitudinal relationship with Anne.
We want to be her partner in her Medicare experience for the next 20 years, not just this one interaction. So we're willing to pass on one enrollment opportunity because we've got four to five remaining that we think that will likely happen because her natural needs change. You shouldn't always stay on the same plan for 20 years. Your health needs change. You move places. There's a lot of things that happen in our life. And we should have a trusted partner who can facilitate that process over the years. And so this is that journey that we have 20 potential experiences, three to four times Anne's going to make a change. And we just need to be her source for that trusted experience to get her in the right product at those times.
That more than covers the cost of maintaining the relationship as well as the cost to get the lead in the first place. Now, let me hit the investment highlights again. A lot of information I've thrown at you. First and foremost, this is a large and growing market, 65 million+, growing 5%-8% a year. On a daily basis, 11,000 new Medicare consumers are coming into the market. A truly unbiased shopping experience. We're the only organization in the space who can put our money where our mouth is. In the Q4 of 2023, we delivered over 100,000 plan fit checkups. That's when a consumer called us, and we re-verified the plan they were already on. Most of those, we had no relationship with previously.
In the Q1 of this year, we did approximately another 100,000, just shy of 100,000. So 200,000 Plan Fit Checkups. And we paid our agents for doing that work. That is differential. And that proves that we're unbiased, both using our technology to force that unbiased capability as well as incentivizing our agents to do the right thing. Our Encompass offering, that workflow, that flywheel I described, is standardized across all of the carriers and every consumer who comes in. When you do that, you're able to get scale leverage in cost savings and efficiencies. And that allows us to grow and to deliver compliant sales. Proprietary tech and data platform, I can't stress it enough. It is the foundation upon which we are enabled the right and the opportunity to innovate and do new and different things.
Encompass was new when we came up with it, and nobody had done it before. Now Plan Fit Checkups are just as unique and differentiated. It's only because of our unique and proprietary technology that is underpinning all of that. Our experience management team, internal marketing engines where we can control the leads, the lead sources, and the mix that it's done in a proprietary and really compliant manner. We are the leading source of enrollments for all the major health plans, which gives us significance and enables us to be at the table with health plans to solve their problems and serve consumers.
Though it should be table stakes across the board, we have uniquely differentiated ourselves as having such a strong balance sheet, not only with our assets, but in our day-to-day operations of having operating rigor to spend appropriately, make the tough decisions, and enable ourselves to have the resources to invest for growth and continued relevance. So with that, I will conclude and turn it over to Pat to see if you have any questions for us.
Thanks, Vijay. Yeah, we do have some questions. The first one, if you don't mind commenting on a little bit of current events in the industry. Recently, there was a lawsuit brought by Elevance Health regarding the CMS Star Ratings methodology. I was wondering if you could give your take on that and the importance of that and what effect it might have on GoHealth.
No, I think it's great. Just to kind of recap, ultimately, the net net of that lawsuit and a couple others as well was that many of the star scores are going up, right, from any health plans. Not all of them, but a lot of them. The beauty of that one is that it allows more resources to be invested in consumers. Now, it doesn't help everybody. As we've said on previous earnings calls and in other Q&As, we expect there to be a lot of disruption to the AEP. This doesn't change that. I think what it does enable is that there can be some better options for those who are disrupted to join other health plans. And I think that's just a positive environment for the consumer.
When you have that significant disruption as well as some strong players who have strong star scores able to support them with new benefit plan options, that tends to be a positive for us as on our operating model.
Got it. And then another question had to do with the Plan Fit Checkup reimbursement. That's something you've talked about for several quarters. And I was wondering if you could give an update on, well, first of all, maybe kind of explain how that would work and maybe give an update on where you are in that process.
No, it's a great highlight and call out, Pat. As we've talked about, our Plan Fit Checkups last year and through the first quarter of this year, we did over 200,000 Plan Fit Checkups where we just reconfirmed the consumer was on the right health plan.
And we didn't get paid for it before. Based upon that evidence that we were able to provide and deliver to those health plans, many of them have said, "Oh my gosh, this is something we've never seen before." And we started to entertain conversations to actually get paid for doing the right thing, which they were actually very excited about as well. As I said on the last earnings call, we have already gone into the operational enablement of some of those opportunities. And we expect to, in a substantive way, be able to have a handful of those plans already compensating us as AEP for that work, that the costs are most materially already embedded in our financials, and now we'll have revenue to offset that. That should be very interesting. Great.
And then my next question was regarding the health plan carriers. Some of them have had some difficult quarters recently. There seems to be the potential for that to lead to more plan changes, plan disruption. Could you comment on that and how that might affect your business? Is that the right way to read it? Do you expect more plans switching in the upcoming enrollment periods?
Yeah, no. So as you may recall, I just described there are three likely market scenarios in any given year, right? You can have a year where it's a land grab, and everybody feels like their reimbursements are strong and they're investing in benefits, and everybody's benefits are staying the same, if not, or getting better. So that's one opportunity. And that's generally what it was probably prior to 2023 AEP, think about 2019, 2020, 2021, and even going into 2022 was more of that dynamic.
The second scenario is more of what happened in 2023, that people are trying to figure it out. They feel like the reimbursements aren't staying aligned with their experience and their claims expense. And so they kind of hold back and start to signal that their benefits are going to get a little worse or not get any better. That's what happened in 2023. 2023 was one of those years we had a lot of shoppers, but not a lot of switching, which we predicted and we expected, but that's exactly what happened. As you come into the 2024 environment, it's the third scenario where you have a lot of disruption because some health plans aren't doing great. They're disrupting and taking benefits down. These are not insignificant players in the industry.
When they do that, what it does is it generates shoppers that may have set it and forget it three years ago, right? They bought a product that had only been getting better. They enrolled in it, and they haven't been shopping. But now we have indications from some health plans. They're going to exit some products and/or significantly degrade those products. So you're going to have shoppers that haven't been shopping for the last couple of years come back in the shopping landscape. You're going to have those who naturally shop every year have a justified reason when they shop with us to switch. And then you're going to have new populations. For example, even in the supplement markets, I'm sure you've tracked that as well. Supplement premiums are expected to go up 20%-25%.
That's 20%-25% could be up to $100 a month for a Medicare consumer. We expect to have new populations likely shopping this year. In that third scenario of market dynamics, that's what we're expecting to see here in 2024. It generally would result in high disruption, more shopping, and more importantly, switching that goes along with that.
Excellent. We are running a little low on time, but I did want to get in another question about special needs plans. You've mentioned that that's a core competency somewhere where you feel that GoHealth has some strength. Could you talk a little bit more about what the advantages are to having a strong competency in special needs plans?
Yeah, one, it's the population can use the help the most, right? From a Medicare Advantage standpoint, they need the benefits. That's why there are more benefits available. It's more stable general reimbursement for the health plans as well. What GoHealth is uniquely able to do is that we're able to attract those consumers and then relate to them, answer their detailed questions about what plans and benefits matter to them, and so they can feel comfort in the different plan options they have. They also shop the most. They have more shopping opportunities per year, on average at least four throughout the year to be able to shop and switch plans to make sure that whatever their current needs are are being met by their current plan.
So our ability to, one, verify their eligibility to shop, two, to match their very unique needs and answer the unique questions relate to their special conditions, and then be able to facilitate enrolling them into health plans where the health plan also gets differential reimbursement and differential margins. It's a very symbiotic relationship that our trained agents and our technology tools are built to uniquely serve. And so that's why we have consistently been one of the highest sources of special needs populations, in addition to being the largest source of enrollments for most of the major health plans in the country.
Great. Well, Vijay, thank you so much for the presentation and for joining us for the conference. We really enjoy having you.
Thanks, Pat. As usual, you always do a great job. Great questions. I look forward to seeing you soon.