FREMONT, CA: Consumer-driven healthcare (CDH) has played a detrimental role to address the cost crisis in the American healthcare sector. CDH will continue to grow in the future as it has already reversed the cost trend and has ensured a rise in the health savings account (HSA) adoption. Despite its success and acceptance across various enterprises, CDH is far from perfect.
Employers are struggling to design a CDH program which includes a combination of health plan and tax-advantaged accounts along with incentives. The ineffectiveness to communicate its value to the employees is limiting the scope of CDH. Even at the consumer level, CDH needs employees and their families to participate in healthcare decisions actively. The task seems daunting to those who are not aware of the clear picture concerning their needs.
The use of modern technologies such as artificial intelligence (AI) and machine learning (ML) is rapidly evolving the healthcare experience toward better outcomes for employees and employers. With consumers getting comfortable with these technologies, they are getting increasingly aware and won’t tolerate a poorly-supported customer experience.
The technology is also improving the way consumers save and pay their healthcare expenses. Here are some of the areas where CDH will see the maximum innovation:
Consumer’s Decision-Making Capabilities
Machine learning will help the consumers while guiding and educating them toward the right combination of plan and benefits accounts according to their past spending habits. It will also recommend the consumers at every step to maximize their investments and educate them about saving strategies and retirement planning.
Consumer’s Purchasing Experience
The advancements in technology have enabled consumers to access cost transparency tools that help them to make smarter decisions. Moreover, the tools can help the consumers to compare the services from various providers according to their price and quality.
Planning: Short- and Long-Term
Most of the customers are not disciplined to save for their long-term healthcare expenses without relevant education and technological intervention. Technologies such as AI will recommend short-term personalized programs to the consumers based their spending habits. The short term savings can be redirected to the long-term investment of the consumer.
Personalized Wellness Incentives
Employers are tying HSAs to the broader wellness and engagement programs to make rewards out of the account contributions available throughout the year. AI-based technologies will help these employers to set personalized incentives for the employees.