- June 16, 2023
- Posted by: SHMA Consulting
- Category: Newsletter
Health Insurance is a vital aspect of healthcare, as it allows people to access the medical attention they need without financial worries. Over the years, health insurance has evolved, with new trends emerging that are transforming the way providers deliver care to their customers. From the adoption of telemedicine to the rise of consumer-driven health plans, these trends are changing the way people access and pay for healthcare services. Here are some of the trending changes that the healthcare industry is currently experiencing.
- The growth of Telemedicine: –
Telemedicine has been around for some time, but its adoption has accelerated amid the COVID-19 pandemic. Telemedicine allows a doctor to evaluate, diagnose and treat patients from a distance. The pandemic brought telemedicine to the frontline for people seeking medical advice and prescription medication. The telemedicine market in the U.S. alone is expected to exceed $64 billion by 2025. Patients are seeking to save time and avoid waiting periods at the doctor’s office, and telemedicine provides an efficient way for individuals to get advice about their health without physically going to a clinic. Telemedicine also helps to cut down the cost of medical procedures, as doctors can review a patient’s medical history and symptoms, and prescribe medications remotely.
- The Implementation of Virtual Mental Health Services
Mental health is an issue that affects millions of people, yet it often goes unnoticed until it becomes severe. The increasing awareness around mental health has led to an increase in demand for coverage of mental health services. Individuals can get counseling and treatment through virtual mental health services at any time and from any location. By removing the need to attend a hospital or doctor’s office, virtual health services save time and money, and reduce stigma. Virtual mental health services provide a more comfortable and less intimidating environment for patients to receive care. Patients may feel more comfortable opening up about their mental health concerns in a virtual setting, leading to more accurate diagnoses and more effective treatment.
- Digital Health Technologies: –
Digital health, often known as digital healthcare, is a wide, inter disciplinary term that encompasses ideas from the convergence of technology and healthcare. It is the application of information and communications technology to provide accessibility to interventions to prevent disease and improve quality of life. Mobile health (mHealth) applications, wearable devices, personalized medicine, electronic medical records (a patient’s digitized clinical records), and electronic health records (digitized records of all healthcare services supplied to a patient) are the technologies that fall under the umbrella term “digital health.” Additionally, technologies such as smartphones, social networks, and internet applications offer new ways for patients to monitor their health and have increased access to information. According to the FDA, these developments are working together to bring people, information, and technology together in a way that will enhance healthcare and health outcomes.
- Shifts towards Value-based Healthcare: –
Value-based care links the compensation received by healthcare professionals from their work to the outcomes they achieve for their patients, including the level of quality, equality, and cost of treatment. It is the program that aims to hold providers more accountable for improving patient outcomes while also giving them greater flexibility to deliver the right care at the right time. Value-based healthcare also emphasizes preventive care, which aims to identify and address health issues before they become more severe and require costly interventions. By addressing these issues early on, healthcare providers can prevent the progression of the disease and reduce the need for costly interventions. This trend is gaining a lot of traction in the healthcare industry, and it is driving many changes in health insurance. To incentivize value-based care, insurance companies are offering lower premiums and other financial incentives to providers who focus on quality outcomes.
- Rise of Health Savings Accounts: –
Health Savings Accounts (HSAs) have become increasingly popular, especially with millennials. Health Savings Accounts (HSAs), by contrast, are tax-free, interest-bearing accounts that are fully owned by the consumer. These accounts are typically paired with high-deductible health plans (HDHP), which have lower monthly premiums but higher out-of-pocket costs. These contributions are pre-tax, and any interest earned by these accounts is also tax-free, provided that the account is spent on qualifying health-related purchases. According to a KFF report from January 2023, healthcare costs per person are projected to account for two-thirds of the increase in spending on the nation’s major healthcare. So, more people are likely turning to HSAs to save money on medical expenses. HSAs are becoming a more prominent way to save for medical expenses and now come with certain revisions to accommodate new ways of receiving medical care.
In conclusion, emerging trends in health insurance are shaping the healthcare industry at a rapid pace. These trends are driven by the need to make healthcare more affordable, accessible, and efficient. With innovation and technological advancements, the healthcare industry is poised to transform in ways we have yet to imagine. By staying informed about these trends, patients and providers can make better decisions about healthcare.