Five tech trends that will change the healthcare industry
New technology is changing how payers, providers, and patients interact. Stay ahead of the curve by monitoring these technology changes.
In 2015, nearly 12 million consumers enrolled for insurance on the health insurance exchanges, according to the U.S. Department of Health and Human Services. That number is expected to grow to 29 million consumers in 2021, according to a PwC Health Research Institute report.
FabozziThis marks a huge shift in how payers sell their products, as historically, they have dealt primarily with brokers and employers, rather than directly with consumers. As payers deal with this change, technology will play an important role in forming a successful consumer-oriented strategy, says Nancy Fabozzi, principal analyst for connected health at Frost & Sullivan.
She notes that many consumers have never had to purchase insurance directly from insurance companies before. In addition, they need a better understanding of the ramifications of deductibles and copays as these costs continue to increase. “It’s very confusing for consumers to select plans and figure out the package of benefits and what they want to pay,” she says. “It’s not always a clear-cut tradeoff in terms of what you’re paying for and what you’re getting. Anything that helps people make those plan choices-even after they’ve selected their plan and need to make a decision about going out of network [will be helpful].”
That's why Fabozzi is particularly interested in technologies that help consumers make more educated purchasing decisions. She points to Healthcare.gov, which utilizes decision-support tools that help consumers determine which health plans provide coverage for their preferred providers and help them compare estimated out-of-pocket costs and total costs associated with the plans. Price transparency tools like this, especially mobile tools that help consumers figure out what a medication actually costs, are very important, says Fabozzi.
Payers looking for inspiration-and new leadership when it comes to forming a consumer-oriented strategy-should look to Amazon or Travelocity, says Fabozzi. “We’re hearing that more and more health plans are hiring people from Amazon and people with retail experience, because they need to understand what consumers want," she says. "Not just in the health plan sense, but generally what they want when they’re purchasing anything."
Here are four more technology trends to watch in 2016 and beyond:
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