Can the Private Sector Improve Healthcare: Digital Health Innovators and their impacts on Medicare
Technology is changing the world in big ways. From the ways we interact with providers to how we keep track of our own health, healthcare is a changing industry. Since many people are struggling to afford their own health insurance and healthcare needs, these changes couldn’t be more welcome.
Who’s driving this change? You might be surprised to find it’s the private sector. Private healthcare providers and insurance providers are pushing for more technology as a way to focus more on patient needs as well as data. One of the biggest challenges for Americans is gaining back control over how they spend their own money on healthcare. Digital technology makes this possible, and the private sector is pushing it forward.
One generation is being hit particularly hard by healthcare, and that generation is those entering their golden years. The Baby Boomers are retiring at a fast rate, and there simply isn’t enough care to go around for what’s become the largest elderly generation. Medicare is the main provider of health insurance to those 65 and older, and more and more Americans are opting into what’s known as Medicare Part C, or Medicare Advantage. With Medicare Advantage, those 65+ can get their Medicare coverage through a private insurer.
In this guide, we’ll take a closer look at the digital innovators and their impact on Medicare in particular. In a world where the aging population is growing rapidly, we need any advantage we can get to help these individuals get the care they need.
New Technology in the Private Sector
What technology are we seeing in the private sector currently? This is where innovation truly shines. Not only do many of the top trends offer a more affordable approach to healthcare, but they also put patients in control. Let’s take a look at what you can expect to see on the horizon soon:
- Connected Devices – With the rise of the Internet of Things (IoT), we’re seeing more connectivity in our devices than ever before. For seniors in particular, these devices offer more options for monitoring health over time.
- Telemedicine – The cost for care is skyrocketing, even for seniors with Medicare. Under traditional Medicare, only 80% of treatment is covered, leaving the patient to pick up the rest of the bill. Telemedicine is a more affordable alternative, allowing instant access to a medical professional without the expense or high wait times.
- Competitive Pricing – Unlike traditional Medicare, Medicare Advantage introduces a competitive pricing component where patients choose a plan based on value, not just one what’s offered through the government or their employer. They can choose additional plans like dental insurance, and it’s very on-demand through online exchanges like HealthMarkets.
- Artificial Intelligence – Finally, Artificial Intelligence (AI) is making it simpler for patients to understand their own data and results. AI tools, for example, can read CAT scans in just a few seconds, much faster than a human. This lowers costs for treatment and makes healthcare more accessible.
Improvements on the Horizon
We’re entering a new area of digital healthcare. These trends above are making a huge splash in the entire healthcare industry, but they’re especially important for Medicare recipients. With a large aging population, we need more resources than ever to handle these new demands. Luckily, technology is rising to meet this demand at a fast rate.
It’s surprising to think about the private sector on the front lines of this fight for more technology. These tools are simply too valuable to overlook, and they help make life easier for both patients and providers. In the new few years, we’ll soon start to learn just how all of these trends play out in real-time. Hopefully, there’s a positive future on the horizon.