Health Technology, AI
Article | July 18, 2023
Health tech marketers tend to have a real bias problem. Everyone wants to believe that they have the best product available in the market, and are quite vocal about it on social platforms. But, are those the things your buyers want to know about your products?
The biggest mistake you can ever make in health tech marketing is leading it with a technology bias. It will immediately create a distance between your audience and you. If you are working in technology, you can easily assume that everyone knows what you are talking about all the time. You breathe and live your industry. And as the marketer of your company's products, it's your responsibility to go to prospects with your tech company’s message. In your personal life, too, you may talk to your friends and families about your work and realize they have no interest in what you say as they have no idea what you are talking about. That is because they are not immersed in your company or industry.
The same can happen in your health tech marketing process with your prospects and customers. Instead of focusing on their problems, if you lead with your technology solution and features of your products and company, you will lose them. It is vital to step back and see the bias you have in your company’s marketing initiatives.
How Technology Bias Affects Health Tech Marketing
The effects of technology bias in health tech marketing are strongest when the health tech marketer focuses more on technology, product, or company than the buyer's pain points. Customers do not want to know everything about your product. They probably want to know how your product can solve their issues. When approaching buyers with your product, this health tech marketing technology bias can have many adverse effects on the buying process.
Technology bias in health tech marketing will lead to failure to get the customers' trust. They feel you are just trying to sell your product by explaining your product's features rather than solving the customer's issues. Technology bias in health tech marketing also will result in a negative effect on brand performance. As a health tech marketer, you are wrong in assuming you can sell your products by boosting the company or products of the company. It will only result in losing the customer's trust if you are not considering the buyers' problems. If you are going on with the practice, it will eventually affect your brand's performance as buyers view you as not genuine.
This unfair practice of technology bias in health tech marketing will make you realize that you are losing the customers, even the existing ones. No buyer wants to hear more about the features or the technologies used in your products. They are focused on their issues and want to know how your product can solve those issues. Thus, as a health tech marketer, you may have to focus more on the customer pain points when approaching buyers; this will help you convert potential customers into clients.
How to Get Rid of Technology Bias and Improve Health Tech Sales
FPX Digital Transformation Study 2019 says that B2B companies have shifted their focus to customer experience from internal efficiency. Most of the respondents agree that they spend much of their digital transformation funds improving the customer experience.
An important way to implement a buyer-centric or customer-centric marketing approach is to remove bias about your product from your health tech marketing efforts. Mainly, this has to be removed from the messages you send out in the early stages of the buyer journey. However, making it practical is difficult as it is ingrained in how you write, speak, and present your company to external and internal audiences.
Here are some tips to get out of technology bias in health tech marketing and get closer to your customers.
Listen to Customers Clearly
Successful marketers excel not only in communicating but also in listening. It is impossible to create a message about your health tech product if you do not know what problem it can really solve. It will help if you take the time to know your prospects and customers. Do not let your mind wander thinking about which benefits and features you have to push in your health tech marketing. Remain fully present in video, phone, and in-person meetings. That will help you find they have different problems, and you can solve them differently.
When you give importance to listening, you will not waste time and effort solving a problem that you think exists. Instead, you will start developing buyer-centric health tech marketing messages that align with your business.
Don’t Assume Anything
You hate being in a room where people are talking about a subject you know nothing about. Your health tech buyers may have the same experience if you assume your customers know what you do and how they fit into your space.
That’s why it’s essential not to take a “features-first” approach in your marketing interactions. You understand your product's ins and outs, but your prospects don’t and are likely not ready for that. As an effective health tech marketing technique, before you assume anything, give them the complete picture of who you are.
Simplify the Message
A product-driven language full of jargon will make your brand unapproachable for your audience. You can apply the old phrase here, “keep it simple stupid.” You have to position your technology as sophisticated and robust, not convoluted and tricky, through an effective health tech marketing process.
Your health tech marketing content should make sense to people both outside and inside your industry and company. Visitors of your website should not go for additional research to understand what you do precisely. It should be clear from your content. Thus, simplifying your content is essential.
Make Your Customer the Hero
The hero of your health tech marketing story is not you but your customer. After all, your customers in your industry work hard to deliver better service and results to their customers.
Your messages should position you as a mentor for your customers that provides technology support in the job of your customers to drive success. The “customer hero” approach should have a fundamental change in how you speak to your customers. The approach is not fully taken hold in the B2B health tech marketing space so far.
Share Real World Stories
One of the most practical ways to eliminate technology bias from your health tech marketing is to talk more about your customers and less about your products and company. You have to show you have the purpose of bringing in a fundamental change in your industry that enhances the day-to-day business lives of people and not just sell great technology.
Testimonials and customer case studies help a lot in shaping your brand story. Using them, narratives can be created about your customers' journey after and before using your technology. Rather than detailing the benefits and features of technology, narratives highlight the platform's tangible business value for real people in businesses.
Final Word
Technology brings a change in companies, and most people do not accept changes so quickly. It is because the change pushes people to do things differently by moving beyond their comfort zones.
As part of health tech marketing, your job is not to make this change terrifying, but compelling for your buyers. This will happen only when you take your technology out of your head and start focusing on your clients' requirements, problems they face, and what exactly they need from you. It will then surely make you put your product and technology bias aside. And you will be capable of effectively executing your health tech marketing initiatives.
Frequently Asked Questions
How does health tech marketing become effective?
Effective health tech marketing is essential to reach out to potential clients and grab their attention. Health tech marketing becomes effective only when the marketer focuses on the requirements of the clients rather than on the features of the product or company.
What is technology bias in marketing?
Technology bias in marketing is focusing much on your product or technology when you market a technology product to your prospects. Getting rid of this bias will make you attract more clients and successful in your marketing.
How to get rid of technology bias in health tech marketing?
Technology bias in your health tech marketing makes the customers put a distance from you. The best way to get rid of it is to make the customer the hero of your marketing messages by focusing on their issues.
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Health Technology, Digital Healthcare
Article | July 14, 2023
Unleash the power of attending EHR events, empowering healthcare providers with accessible patient information for enhanced care. Stay updated with the latest trends at these top EHR summits.
Electronic health records (EHRs) have sparked a transformative revolution in the healthcare industry, empowering providers with readily accessible patient information. With technology progressing and digital healthcare solutions becoming increasingly vital, staying up-to-date with the latest EHR trends and developments has become crucial for healthcare professionals and C-suite executives.
This article highlights a curated list of EHR events that gather visionaries, experts, and pioneers from diverse domains to foster knowledge exchange, collaborations, and exploration of cutting-edge EHR advancements propelling the industry to new frontiers.
1. The MedTech Conference
October 9-11, 2023 | California
This EHR conference offers attendees an opportunity to stay abreast of the latest updates and insights through an extensive program featuring over 100 sessions that showcase diverse perspectives. From examining physicians' viewpoints on value-based care to exploring the approaches of policymakers in cybersecurity and trade considerations, as well as delving into the innovative applications of AI by scientists, the conference provides a platform for knowledge exchange. With world-class speakers, comprehensive educational programming, valuable networking opportunities, and the potential for business development, this EHR summit serves as a homecoming for the global medtech community, fostering collaboration and forming partnerships that drive innovative solutions for a healthier world.
2. IEEE International Conference on Digital Health
July 2-8, 2023 | Chicago
The IEEE International Conference on Digital Health (ICDH) stands as a powerful global platform where esteemed researchers and industry practitioners converge to exchange cutting-edge advancements in digital health technologies. With a focus on both the current state-of-the-art and practical applications, ICDH facilitates discourse on emerging research themes and the future trajectory of digital health. Its overarching objective is to unite prominent researchers, community leaders, visionaries from academia and industry, end-users, and healthcare professionals in the digital health domain. It fosters the exchange of research findings, practical expertise, and forward-looking perspectives on sustainable health and social care transformations.
3. EAI MobiHealth 2023
November 28-30, 2023 | Portugal
The 12th EAI International Conference on Wireless Mobile Communication and Healthcare (MobiHealth 2023) serves as a testament to the significant growth of the healthcare industry, propelled by factors such as an aging population, the prevalence of chronic diseases, and technological advancements. The healthcare sector has been greatly influenced by wireless communication & mobile computing and is constantly evolving with new technologies like 5G, IoT, robotics, and smart buildings. The integration of these innovations, along with e-health, m-health, edge computing, software-defined networks, and network function virtualization, has further revolutionized the industry. This hybrid conference aims to unite individuals and organizations worldwide in wireless communication, mobile computing, and healthcare applications.
4. 3rd IEEE International Conference on ICT Solutions for eHealth
July 9-12, 2023 | Tunisia
e-Health has emerged as a significant research area, attracting cross-disciplinary research groups interested in deploying new ICT technologies for healthcare, particularly cloud computing, IoT, and computational intelligence. After five successful workshop editions, ICTS4eHealth, which has transitioned into an International IEEE Conference, now announced its third edition. The conference brings together researchers from academia, industry, government, and medical centers to present the latest advancements in cloud systems for connected health infrastructure and applications and the utilization of IoT and computational intelligence techniques in eHealth. By fostering collaboration and knowledge exchange, this EHR conference aims to advance the field of e-Health and contribute to developing innovative ICT solutions for improved healthcare outcomes.
5. DigiHT 2023
October 19-20, 2023 | Virtual
The International Conference on Digital Health and Telemedicine 2023 (DigiHT 2023) will serve as a global platform for diverse participants, including academics, practitioners, technologists, application developers, students, and industry professionals. The conference will feature parallel sessions, enabling attendees to engage in knowledge-sharing and networking opportunities. It will also offer avenues for publishing research findings and host high-level forums featuring speeches from esteemed hospitals and health systems, both national and international, who will provide valuable perspectives, insights, and expertise. The central focus of the conference revolves around the theme 'Enhancing Health Equity and Improving Patient Outcomes: Empowerment Strategies for Patients to Take Control of Their Care and Well-being through Digital Healthcare.' EHR events like this one aim to increase access to health technology research and innovations while fostering collaboration and innovation among global digital health and telemedicine professionals.
6. MEDITECH LIVE 2023
September 20-22, 2023 | Massachusetts
This EHR conference aims to convene a diverse group of experienced healthcare innovators who are deeply committed to fostering collaboration amidst the ongoing transformation of health information technology. Through engaging in high-level panel discussions and specialized breakout sessions, participants will collectively explore the disruptive forces that impact the industry and brainstorm tangible solutions. EHR events like this serve as a platform for redefining the intersection of healthcare leadership and technology, focusing on making a meaningful impact on communities. Distinguished speakers at the event include Paul Keckley (Healthcare Policy Analyst and Managing Partner of Keckley Group) and Amer Kaissi, a nationally-recognized speaker, author & executive coach who will bring valuable insights to the discourse.
7. Electronic Medical Records Boot Camp
August 21-22, 2023 | Virtual
'Electronic Medical Records Boot Camp: Biostatistical Methods for Analyzing EMR Data' is a comprehensive two-day virtual event that offers seminars and interactive analytical sessions, providing participants with an in-depth understanding of electronic health data opportunities, statistical challenges, and the latest techniques. The widespread implementation of EHRs and EMRs in US hospitals has resulted in vast amounts of patient information, enabling cohort-wide investigations and personalized medicine. However, analyzing such extensive and diverse observational data poses technical difficulties. This intensive workshop addresses the potential of EMR/EHR data for health studies, statistical challenges, and advanced techniques through hands-on computer lab sessions and case studies. Participants will learn about data integration, addressing biases and missing data, comparative effectiveness studies, and predictive analysis. By the end of the boot camp, attendees will be well-versed in harnessing the power of EMR/EHR data for transformative healthcare research.
8. eClinicalWorks National Conference
October 20-22, 2023 | Tennessee
Gaylord Opryland Resort & Convention Center in Nashville will host electronic health records events like eClinical Works National Conference. This EHR summit will be an engaging and informative event for healthcare professionals. Attendees can delve into the latest enhancements and developments related to the V12 and Healow products for three days. The event will showcase these products' cutting-edge features and functionalities, demonstrating their potential to revolutionize the healthcare industry.
9. 2023 GSA Conference Workshop
November 8-12, 2023 | Florida
At the Gerontological Society of America (GSA) 2023 Annual Scientific Meeting in November, multiple principal investigator Vincent Mor, Ph.D., and colleagues will conduct a workshop titled 'The Long-Term Care Data Cooperative: Leveraging Nursing Home Electronic Health Records for Research.' Funded by National Institute of Aging, this initiative aims to enhance care quality in skilled nursing facilities by compiling comprehensive electronic health records data from over 2,100 nursing homes nationwide. The workshop will allow attendees to explore sample data, understand the core data model, and learn how to request access for research purposes. Additionally, interested participants can apply for 'real-world data scholars' training grants to leverage this valuable resource further.
10. International Conference on Global Healthcare
November 16-18, 2023 | France
The 10th edition of the upcoming scientific conference (Global Healthcare 2023) will be held in Paris. With a central theme of 'Fostering the Endeavors to Enhance Global Healthcare, ' this EHR summit aims to be the largest and most comprehensive event in the worldwide healthcare industry. The conference will focus on various aspects such as clinical best practices, research advancements, innovation, discoveries, and emerging trends in healthcare. Attendees can expect an enriching scientific program featuring symposiums, seminars, keynote addresses, oral presentations, and poster presentations showcasing the latest global best practices, research findings, industry regulations, and technological breakthroughs. EHR events like this one are held to empower attendees by providing comprehensive insights and fostering knowledge exchange in electronic health records and beyond.
Final Analysis
These electronic health records events offer medical professionals a comprehensive conference track that is tailored to their specific needs and interests. Attendees can engage in face-to-face conversations, access high-quality programming focused on current hot topics, and benefit from unparalleled networking with industry leaders, making these EHR events a must-attend! Furthermore, the conference track provides medical professionals with specialized sessions, workshops, and presentations that delve deep into the practical aspects of implementing, optimizing, and utilizing electronic health record systems. By actively participating in these sessions, medical professionals can gain practical skills, learn best practices, and acquire valuable insights that can directly impact their daily routine and patient care.
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Health Technology, Digital Healthcare
Article | August 16, 2023
Is your health technology company publishing content online? Not sure how to make your health tech content marketing effective?
Each step taken in the process of content marketing matters. Skipping essential steps may negatively affect the whole process. The following steps are critical in your content strategy:
• Defining your ideal buyer
• Gathering insights about how they make decisions
• Documenting how your content will address their needs
Lately, health tech companies are facing too much competition. Thus it would be wise to equip yourself with a good marketing strategy, including a clear content marketing plan. This blog focuses on making your health content marketing more effective, overcoming challenges, and eliminating the chances of failure.
Content Marketing challenges for Health Tech Marketers
Heath tech brands face multiple obstacles with health tech content marketing. They must deal with many challenges such as content proliferation, uncoordinated and inconsistent content creation, and difficulty in reaching out to customers and prospects with relevant and timely content.
A lot of hard work and time is required to create great content. Let us have a closer look at the challenges faced by health tech marketers related to content marketing.
Determining Content Marketing ROI
Many of the health tech content marketers are struggling to show ROI from their content marketing efforts. They cannot claim a specific conversions rate from a channel or a piece of content. Often digital conversion paths of the health tech industry cannot be analyzed or tacked.
Some other biggest challenges of health tech content marketing are tying content to conversions, defining appropriate and relevant metrics for measuring and evaluating the impact of the content marketing efforts on its bottom line.
Figuring Out How to Feed the Content Beast
Including health tech brands, many brands spend too much time thinking and worrying about creating compelling content. Or they worry about making content thattheir boss, salespeople, or other stakeholders need. The goal should be creating content consistently that is necessary for the client's journey. Your health tech content marketing should focus on your target audience searching online for your product and business.
Proving Credibility and Authority
Many health tech marketers struggle with defining a credible and authoritative voice for their brands. They fail in the process of cutting through the noise and grabbing the attention of their target audience for this very reason.
A health tech content marketing strategy should maintain the brand’s identity, improve its authority, and boost ROI. Here, thought leadership has a role to play. Use your people, their expertise, and their passion effectively to share what they know about your product with your target audience. Trust and credibility will follow.
Maintaining Volume, Quality, Speed
Another significant challenge of health tech content marketing is developing compelling, engaging content fast without compromising on volume and quantity. For many marketers, a big pain point is trying to stay agile and nimble within a large corporate structure.
Continuous Learning
The marketing landscape is ever-changing. It means health tech marketers have to dedicate themselves to learning throughout their life.. They also have to reinvent through innovation to avoid extinction. Primarily, health tech content marketing needs constant innovation and learning. Everyone is trying to navigate the learning curve. It is very challenging for marketers to train teams and update them with the latest marketing practices.
Influencer Marketing
Another challenge faced by most marketers in their health tech content marketing efforts is identifying influencers to amplify content. Creating great content is just the first step. Having an effective promotion strategy to reach your prospects with your content helps.
Reasons for Health Tech Content Marketing Failure
A study by Healthcare Information and Management Systems Society (HIMSS) on health tech content marketing shows a vast gap between results and goals. Is there discontent in health tech content marketing? Eighty-five percent of the survey participants said they have a content marketing strategy, but only 4 percent only said their content marketing strategy was effective.
So, it's clear that something was not working for them. Here are some of the key reasons:
The Absence of a Content Strategy
Except for some large tech companies, such as IBM, Microsoft, and Salesforce, most vendors do not have a content marketing strategy. For many tech companies, content marketing is part of their overall business strategy. So consider building a health tech content marketing strategy to have a leg up on your competitors.
Lack of Sponsorship
Creating compelling content is a low-priority task for most B2B tech companies. A small marketing team usually takes care of health tech content marketing with limited resources and budget. It results in content that does not align with your market positioning and business strategy.
Content-Creation Bottlenecks
Content marketers need quality content for marketng. For this, subject matter experts (SME) should be involved in the process of content creation. SMEs, most often, are too busy to participate in the process. As a result, the content may turn out low in quality and might not be consistent
Lack of a Content Distribution Strategy
Unless you promote high value content on all the digital and social media channels, no one will hear about your health tech brand. Most B2B health tech companies fail to promote themselves through effective health tech content marketing on multiple digital and social media channels.
No Patience
B2B health tech companies want instant results. The survey by in 2020 HIMSS points out the minimum time needed to fetch results from content marketing programs. A health tech content marketing program launched in this quarter will not bring you any developments in the same quarter.
Effective Content Marketing Plan for Health Tech Marketers
The global pandemic has accelerated the shift towards digital marketing. Many healthcare technology marketers focus on pure sales collateral and product-centric content instead of thought leadership and human-centric content.
Here are five areas that deserve more attention in your health tech content marketing plan. These should be top priorities in your content plan.
Planning the Process and Setting Reasonable Goals & Objectives
Data shows that most healthcare technology companies do not have an effective health tech content marketing plan. It is not surprising that these companies, accelerating ahead everyday, do not have the time to plan or enough resources to execute it. There are three reasons behind it:
• They never made planning a proper priority.
• They realize they don’t have the time.
• The team doesn’t know where to start.
Good planning with realistic goals and expectations solves this issue. Quality content marketing is a long-term investment, not a short-term performance vehicle.
Benchmark the Market & Your Competition
Investigating your competition may get you down. Analyzing every aspect of your competitors’ content, including approach and strategy, will help you learn many essentials things. You will get ideas to improve your health tech content marketing from your competitor analysis.
Do not get confused between your sales competitors and content competitors. Your sales competitor is the one who sells your exact product or service. Your content competitors are companies ranking on search engines for the same content that you want to ranked for on search engine result pages. In addition to pure sales competitors, these content competitors can include major publishers such as trade associations and newspapers.
Fine-Tune Your Messages, Themes & Topics
It is effortless to come up with a long list of content ideas. It is vital to understand the themes and topics, which will work better for your business goals. The topics should be worth the time and effort you put in. Your themes, topics, and other content ideas in your health tech content marketing plan should support your core health tech messaging.
People usually tend to create content randomly and wonder why their content marketing does not work in the end. Fine-tuning your themes, messages, and topics and making sure they are all unified in the process is a big part of ensuring your content succeeds in the end.
Address All Four Content Distribution Channels
Creating great content is just a first step to your health tech content marketing. You may have to think of the content distribution channels: owned media, internal channels, earned media, and paid media. All of these channels have multiple options for content distribution. Depending on your company’s business goals and particular situations, you can choose the best-suited application from these channels.
Get the Most Out of Your Content Marketing Efforts
Maximize your health tech content marketing investment with the three Rs: refresh, repurpose, and repromote.
Refreshing means updating old content that performed well in the past. It may include changing the published date and updating the internal links to timely and more current information. Repurposing means changing the format. You can make a blog post out of a webinar or create an infographic out of a case study. Promoting and redistributing older content that performed well in the past is repromoting.
With content marketing, it is tough to have long-term success without a documented strategy and commitment. With a detailed process, you will have clarity about your goals and the tactics you will use to achieve them. If you do not have this practice, it's better to develop your strategy and write it down to improve your health tech content marketing's better effectiveness.
Content marketing is a proven way to connect with the tech industry audience, especially in health tech. Creating great content about your business, which the audience finds reliable and helpful, will make your company reliable and a trusted source to solve problems.
Doing it alone may be a tiresome job. We, at Media 7, provide all the assistance in marketing technology products online. We have the right solution for all your demand generation, lead generation, sales, and marketing problems. Media 7 converts leads and turns them into your happy customers forever. To know more about Media 7, visit: https://media7.com
Frequently Asked Questions
Why is content marketing important in health tech?
Content marketing is crucial in health tech as unique content makes your target audience trust your brand and consider it a trustworthy source for solving their issues. Moreover, to build your brand, content marketing is a vital component.
How do you create a successful health tech content strategy?
When you create a successful health tech content strategy, an ideal buyer profile, buyer persona, customer journey, etc., should be considered. Along with that, you should have clear objectives and goals when you make a content strategy.
What is the essential step in creating a health tech content marketing plan?
The essential step in creating your health tech content marketing plan is defining your targeted audience and understanding the buyer persona. It will help you create relevant and audience-focused content.
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Insurance
Article | November 2, 2021
The fall is a time of renewals and choices. It is also a time of so called “open enrolment” for health plans. It is the one time of year we can study and learn about the options offered through employers or government sponsored plans. Individuals and small business owners alike are also are faced with a myriad of choices with confusing and often contradictory language promising lower premiums with higher out of pocket costs for covered services subject to deductibles. What does it even mean anymore when your monthly premiums exceed your pay check and you still have to pay for your colonoscopy or your insulin? Where is it all going?
Let’s imagine you twist your ankle playing basketball. You might go to an urgent care, receive an X-ray, probably be examined by a non-physician, and then referred to your primary care, who can’t see you for a few weeks but eventually sends you to an orthopaedic who takes another X-ray and treats your injury. Weeks have passed, multiple visits, time out of work, and co-pays, not to mention the out-of-pocket fees associated with imaging and perhaps a $100 ace bandage. What stops you from going straight to the ankle specialist in the first place? First, we have become conditioned to follow the directions dictated by the insurance companies, even when restrictions are not in place, patients have been convinced that stepping out of line will make all insurance promises null and void resulting in catastrophic bills and financial ruin. Second, the doctors and their office staffs have been conditioned to deny entry to any patient who does not have the proper referral, authorization, or identification. There are dire consequences for both if the insurance rules are not followed and fear keeps both sides aligned.
The past two decades have seen an explosion of healthcare costs. Health insurance has become the single biggest line item second only to payroll for most businesses. It is no coincidence that as the government increased its role as payor with state subsidies, the prices have gone up. Much like college tuitions, when loans are easy to obtain and guaranteed by federal support, there is little to deter those in charge from increasing the price. After all, everyone is doing it, it must be OK, and even if students end up in debt, it will be repaid because they have received the value of a great education. Right? But unlike higher education, healthcare is a necessity. We cannot avoid it, and there needs to be a reliable mechanism in place to guarantee access.
Ironically, as charges and prices have continued to escalate, payments to doctors have diminished. Why medicine is the only service industry where there is no transparency is truly astounding, especially since the there has been no increase in so called “reimbursements” for decades. As physicians, we have been complicit, being fully aware of the discrepancies between what is charged and what a patient’s insurance will pay. Even as patients began to have higher deductibles, and therefore higher out of pocket expenses, we continued to follow the rules, asking insurance permission to collect payment from the patient. It is not surprising that bad debt accounts for over 50% of most account receivables and why over 70% of doctors are now employed by hospital networks or private equity, who not only go after patients, but benefit from the repricing that occurs when insurers pay a negotiated amount as opposed to the charge. In other words, we pay more not just for less, but for nothing.
But what if we twisted our ankle and went directly to that specialist and paid out of pocket a transparent price? What would it take for that to happen? Not much, the cost of care is predictable, and because payments have always been decreasing, most physicians have learned to be economical. Plus, out of pocket costs are capped by federal law, so no patient is really responsible for catastrophic bills. Charges inflate to cover overhead, but if payments were guaranteed and immediate, then the cost of doing business goes down. Add technologies like telemedicine to a practice and you have increased patient access to a doctor without adding more personnel. Direct pay doctors are emerging all over the country and have consistently offered better access and more affordable care. The bar is also being set by independent surgery centers and imaging centers who offer better outcomes at lower costs. Perhaps motivated by prohibitive pricing, better options have emerged that have moved patients away from expensive operating rooms to safe, office-based procedures. Even cutting-edge cancer therapies can be delivered at home, preserving more of the healthcare dollar for medical care rather than the complex system built to manage it.
Competition and choice inevitably drive prices, but in a monolithic system the price is not negotiated, but instead it is set by only a few, in this case the big insurers. Small businesses cannot compete when bigger companies come to town. Eventually, the local hardware store gives way to a national brand, and the consumer is left with fewer choices and eventually higher prices. Amazon disrupted this equation by creating a marketplace for individual buyers and sellers. The convenience of finding a trusted brand, no longer available locally, is irresistible and the reason why we became loyal consumers. Healthcare is no different. Trust exists implicitly between a physician and patient, because it is an authentic, empathetic, and logical relationship. Trust does not exist between a patient and their insurer, on the contrary it is an unsympathetic business relationship without transparency or consistency. Few doubt the insurance company’s top priority is the premium, not the patient. Creating a direct relationship between the doctor and patient is a common-sense approach that serves both stakeholders well, and requires merely a fair and affordable price. But do doctors have the capability or the will to do it and if so, can the rest of the system follow?
Never in the history of modern medicine have physicians been more dissatisfied. US healthcare used to lead the world in innovation and outcomes, now we struggle to break the top thirty. We may have the most brilliant doctors and scientists with access to the best resources, but the need to maximize profits while catering to special interests, be they commercial or political, has led us to favour certain therapies over others despite marginal proven benefits. Doctors have little autonomy and less authority; prescribed treatments are routinely denied by insurance companies without a second thought or appropriate peer review. In fact, insurers even renamed us “providers”, a term used to by Nazis when referring to Jewish doctors to devalue them professionally. Over 56% of physicians are burned out, nearly all report moral injury and as hospitals have systematically replaced doctors with non-physicians with limited training, we have watched the standard of care deteriorate. It is no wonder we have witnessed the single biggest loss in life expectancy since WWII. The prognosis is grim, but there are solutions.
We need to reinvent healthcare by removing the middleman. We don’t have to set the price, but we can make it transparent so patients can decide for themselves if it is worth the inconvenience, the delay, and the co-pay to use insurance or just pay directly. Health savings accounts are tax deferred and can cover an out-of-pocket maximum in just a couple of years. Paying for care means there are no surprise bills or out of network costs, because there are essentially no networks and therefore no need to follow restrictions. You’d be hard pressed to find a doctor or hospital unwilling to accept an immediate cash payment, especially when it costs nothing more than the service provided. There are no billing cycles, or claims to prepare, no up coding, or authorizations. Doctors free to care for patients, patients treated individually and not subject to protocols designed to maximize charges. There are literally thousands of direct pay primary care and specialists now available all over the country and they are building alliances with likeminded people providing imaging, ancillary services, surgery centers, and prescriptions all at fair market prices. More and more employers are moving toward medical cost sharing plans that not only lower the cost of care but the cost of administration. Even the biggest payor, namely the government, sees the benefit of price transparency and is piloting models of direct contracting.
We will always need coverage for those unexpected events, emergencies, or hospital-based services, but all the rest - doctor visits, screening tests, and outpatient procedures - are easily affordable. After all, do we use our car insurance to pay for an oil change? If we did, the cost would be prohibitive and few of us would drive. But health insurers have lost our trust, they no longer cover necessary services and no longer honour contracts with physicians or patients. It is time to offer another option and let the patients and doctors get back to the real business of medicine.
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