Up to 77 percent of consumers are interested in telemedicine, yet fewer than 20 percent have actually done so. From the provider side, the main roadblock has been a lack of reimbursement for virtual care.Read More
Insights on Today's Healthcare Consumer
What is the most costly health condition in America? According to the U.S. Centers for Disease Control and Prevention (CDC), it’s heart disease. The organization estimates that poor cardiovascular health outcomes cost the country more than $200 billion annually due to necessary medications, healthcare services and lost productivity. What’s even more troubling, reports the American Heart Association, is that heart disease rates are increasing in the United States, even as they decline globally.Read More
Nearly 43 million Americans face medical debt, but are they all uninsured? Not quite. One in five patients with health insurance admit that medical bills put a strain on their finances. This data is close to what c2b solutions’ market research study illustrates with 27 percent of the general population agreeing with the statement “I have a hard time paying my healthcare bills”.
These aren’t the sickest patients either. Nearly 70 percent of patients struggle to pay off hospital bills of $500 or less within a year and the challenge isn’t going away. The Centers for Medicare & Medicaid Services projects national health spending will grow by 5.5 percent annually for the foreseeable future, reaching a staggering $5.7 trillion by 2026. But by using psychographic segmentation to gain insights on healthcare consumers, hospitals can boost patient payment collections even as healthcare costs continue to grow.
While the aging baby boomer population still dominates healthcare utilization, this cohort is shrinking, having peaked at 78.8 million in 1999. Meanwhile, millennials currently outnumber baby boomers by approximately 11 million—and their numbers won’t be on the decline anytime soon. No surprise, then, that millennials are a hot topic across the healthcare industry.Read More
In 2017, CNBC projected that Medicare and Medicaid costs will more than double by 2020, thanks to baby boomers who are retiring at an impressive rate of 10,000 men and women a day. Is the healthcare system ready? Not quite. As an AARP report notes, “The U.S. stands out for the high cost of healthcare and its failure to generate better health outcomes.” Since healthcare costs tend to climb as people age, we’re facing a potential financial crisis—unless healthcare providers focus on improving baby boomer health outcomes.Read More
“The current system is broken. We need to move towards an era of disease prevention and personalized medicine,” writes Dr. Emmanuel Fombu in his book The Future of Healthcare: Humans and Machines Partnering for Better Outcomes. He’s not alone in this assessment.Read More
The United States outspends other nations when it comes to healthcare—to the tune of $3.3 trillion or nearly 18 percent of GDP in 2016. The growing price tag for Americans’ healthcare isn’t down to demographics alone. Certainly, the aging baby boomer population is increasing utilization and consequently spending. But healthcare organizations recognize that improving health outcomes play an important role in bringing down costs.Read More
The Centers for Medicare and Medicaid Services (CMS) announced steady enrollment through the Federal Health Insurance Exchange for 2019, with 8.4 million people selecting or automatically re-enrolling in plans by the close of the open enrollment period. Final numbers are expected to rise when the CMS releases additional data on enrollments through State-based exchanges. But if past years are any indication, approximately 10 percent of those consumers will lose coverage by failing to pay their premiums. How can insurance companies address this crucial revenue cycle management issue?Read More
Kaiser Family Foundation research on healthcare spending and health outcomes reveals that Americans have higher disease rates and shorter life expectancies than healthcare consumers in other wealthy nations. KFF says, “Unfortunately, ranked with other comparable countries, the U.S. has the highest rate of deaths that are preventable by good healthcare.”
Since the U.S. spends more on healthcare than comparable countries, throwing money at the problem won’t solve it—and neither will the status quo.Read More
Healthcare is personal. Patients are sharing private details with relative strangers and engaging in myriad one-to-one interactions with physicians, pharmacists and insurers along their journey through the healthcare landscape.
Despite the intimacy of these situations, however, healthcare consumer experiences are often seen as depersonalized and disconnected—which certainly won’t drive the patient engagement needed to improve health outcomes.Read More