In recent years, the global market for health insurance has seen a decline in growth rates. It went from 9% in 2014-2015 down to 6-7% in the subsequent years. This decline is partly due to low adoption of digital solutions, according to Forbes. These solutions, however, can help transform the market.
Healthcare is undergoing a major overhaul, with the help of futuristic technologies such as clinical-grade personal healthcare sensors, at-home genome sequencing kit and artificial intelligence. This will allow for greater accessibility to high-quality care. These same disruptions could be used to bring back relevance to the market for health insurance in the digital age.
These solutions will make the insurance landscape more data-focused. This raises new questions about privacy and whether new insurance systems created by these technologies can be used to discriminate against patients. These and other aspects are discussed in our article on the impact of digital health insurance.
1. Globalization is a key factor in healthcare, and health insurance is no exception.
Digital Health allows healthcare to be truly Globalized span style=”font weight: 400 ;”>,” allowing patients to access quality digital health services from anywhere (with the exception of some shipping restrictions) even though the companies behind them are located in different countries. Let's take, for instance, the U.K.-based Atlas Biomed. It sends its kits for at-home microbiome testing to patients in other nations.
It is possible to do the same with whole genome sequencing kits made by Dante Labs, Italy, or Fitbit, which are based in the U.S. and their fitness trackers. These devices and services can be adopted by patients and the data can be brought to their doctor, even if it is not available through a local business.
Similar trends are being followed by health insurance. For those who travel regularly or are digital nomads, global health insurance coverage can be very attractive. GeoBlue, IMG and Cigna are just a few of the providers that offer globalized access to health insurance. Some even offer home country coverage and modular packages to best fit patients' needs.
Payors could be more interested in packages if there is more competition. They might find better options at international insurance companies than they can locally. This could encourage local competitors to invent in this area.
2. The gap between private and socialized medicine
There are also differences in the quality and availability of care between different types of national healthcare services. While countries with a socialized medical system offer basic healthcare access for all, the costs of maintaining such a system leave little money to adopt costly medical innovations. These would be difficult to implement nationwide, as they are not affordable by all institutions. This means that, although a patient can be checked by an oncologist in a matter of days, they won't be able to receive precision treatment.
Patients who have private insurance systems are more likely to have access to the latest technologies in countries that have them. This is as long as they're not poor enough to afford them. These financial gaps can have negative biological consequences. In such a system, an individual who is wealthy can live longer than someone with a weaker financial situation. They can also purchase bioprinted liver tissue to fix their dysfunctional liver and extend their life expectancy.
Digital health technologies can only increase the gap between people and their technology if they are not properly regulated.
3. Insurance for health is heavily data-based
Insurance can be risky. It might not be profitable to invest blindly in people without knowing a lot about their lives or lifestyles. While companies can get basic information about patients, such as their gender and age, it is difficult to determine the investment's value without determining quantifiable health parameters.
This means that they could use more data to make better decisions. New technologies such as personal health sensors can help. These approaches were already being used by insurance companies, who recognized the potential and began to implement them.
Oscar Health, an insurance company, famously rewarded U.S. customers who achieved their Fitbit daily goals with Amazon gift cards. At least six German health insurance companies pay mySugr for digital diabetes solutions. This includes an app that connects to blood glucose monitors and allows patients to manage their condition more easily. It covers approximately 15 million people.
The German parliament passed a new law in 2019 that provides reimbursement for digital health solutions to patients who have statutory insurance. Nearly 90% of the population has statutory health insurance. These measures could encourage the adoption of digital healthcare technologies that assist patients in taking better care of themselves with personalized metrics.
4. You have to choose between Dr. Big Brother or privacy
It's not about whether insurance companies will use these personal health metrics but how. They can make better investments and provide more relevant care if they have more information about you. An insurance company may subsidise mammograms more frequently if someone has a high chance of developing breast cancer.
This approach can also lead to leakage of your personal information and lifestyle choices, which could be used by insurance companies to modify your benefits and plans accordingly. They won't want to pay for health insurance that doesn't cover their own health. If a patient is at high risk for breast cancer and also smokes, it will increase their chance of getting the disease. This patient might not be covered by insurance and may have to pay more premiums.
Companies will require patients to provide access to their entire health data. This is a scenario that could lead to a collapse of society. Only then can they decide whether or not to offer insurance, modify patients' premiums, or notify them about changes based on their lifestyle choices. This “Dr. Regulators should keep Big Brother at bay while trying to maintain a balance between privacy and quality and personalised care.
5. AI in insurance
We have discussed AI's potential for healthcare in great detail. Even though it may seem farfetched, there are still many uses for the technology in health insurance. It can improve the performance of health insurance companies.
According to a McKinsey Reportspan styling=”font-weight 400 ;”>, one out ten insurance claims are incorrect and the insurer can challenge their claim's amount. It can be hard to identify those claims as as many as 70% are marked as unusual and sent for review by administrative personnel. Smart algorithms can help to eliminate repetitive and laborious tasks.
Infinxspan design=”font-weight 400 s AI-driven technology enables such streamlining workflows in revenue cycle management to healthcare providers. The AI-driven software also streamlines Certifi's premium billing process and payment solution processes.
Complete privacy or equal health care?
Healthcare today is not financially sustainable. Patients don't have the latest technology and doctors struggle to provide quality care with what they do have. To encourage everyone to live better, we must improve our health insurance systems. This is happening as more and more people start to use wearable sensors to live healthier lives.
Research has shown that 55% of patients will share personal data from their tech devices with insurance companies. This is how insurance companies can access individual health data to make their business more profitable and provide personalised and quality care to payers. This approach will ensure that the health insurance companies that use digital health solutions and provide a globalized service will thrive in the future.
These developments are necessary to prevent the existence of Dr. Big Brother, who can monitor our every move and have access to our private lives, which could impact our personal decisions. It is essential that we avoid any scenario in which someone controls what we eat, how we exercise, and when we sleep.
With some regulatory oversight, policy must ensure that insurance companies are not allowed to get too close to information about individuals' health. To promote a healthy lifestyle and have access to personalized care, it would be beneficial to have the option to share one’s health tracker data to their insurance company.
Written By Dr. Bertalan Mesko and Dr. Pranavsingh Dahunnoo
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Dr. Bertalan Mesko PhD, Director of The Medical Futurist Institute launched The Medical Futurist in order to assist individuals, businesses, and governments with understanding how digital health technology brings healthcare into the 21st Century.
Dr. Mesko and The Medical Futurist team are working tirelessly to support this transformation. They analyze the most recent trends in digital healthcare and provide insights to our 800,000+ readers.
We commit to 2021 to providing high-impact reporting to help people navigate the digital health jungle and see its future. We are independent of billionaires and shareholders and can set our own agenda. Our objective is to provide impartial insights, free from political and commercial influence. We invite you to join The Medical Futurist Patreon Community if you want to help this mission. An empowered community of future-oriented healthcare professionals, future-oriented patients, concerned health policymakers and sensible health tech developers. There has never been a better time than now to join us. Your contribution, no matter how small or large, is vital to our research and our future. You can support The Medical Futurist for as low as $3. It takes just a minute. We are grateful. |
The Medical Futurist published 5 insights about the future of health insurance in the digital age.
Frequently Asked Questions
What is alternative medicine called?
Alternative medicine is a general term to describe any healing approach that differs from standard medical practice. Although there are many forms of alternative medicine, most are based on the premise that health care should be rooted in natural substances and practices rather than chemical medicines.
Alternative medicine can include acupuncture and herbalism, naturopathy and osteopathic manipulation.
Many alternative doctors claim that their therapies have improved patient satisfaction and reduced side effects. These claims are not supported by scientific evidence because most mainstream medical authorities ignore the evidence-based benefits that alternative medicine offers.
Who uses holistic medicine?
Holistic medicine refers health care that addresses the whole person instead of just treating symptoms. Holistic medicine focuses on both mental and physical well-being.
Holistic medicine encompasses acupuncture and massage therapy, chiropractic treatment as well as nutritional counseling, yoga and other complementary therapies.
People who use holistic medicine include those who have been diagnosed with cancer, heart problems, diabetes, arthritis, depression, anxiety, chronic fatigue syndrome, fibromyalgia, attention deficit hyperactivity disorder (ADHD), multiple sclerosis, Alzheimer's disease, Parkinson's disease, post-traumatic stress disorder, eating disorders, migraines, infertility, menopause, asthma, autism, and many others.
What are some examples of alternative medicine?
Alternative medicine refers specifically to any treatment that is not used in mainstream medicine. These include traditional Chinese medicine.
Alternative medicine may also refer to practices not based on scientific evidence but used successfully in clinical practice. Meditation, yoga, aromatherapy and reflexology are some examples.
What is the distinction between holistic medicine and traditional medicines?
Traditional medicine focuses on treating symptoms, while holistic medicine treats the whole person. Holistic medicine is holistic and does not focus on any one aspect of the patient's/her health.
Traditional medicine treats individual organs or systems (such as the brain), whereas holistic medicine considers all aspects of the body from the inside out. It also considers how lifestyle choices can affect overall wellness.
How safe can holistic medicine be?
Holistic medicines are safe as they aren't harmful drugs, but natural remedies that have been used for centuries by people who use them.
Many illnesses have been treated with them, including arthritis, chronic pain and asthma, high blood pressure, diabetes (heart disease), obesity, depression anxiety, stress, insomnia, infertility, and sexual dysfunction.
Millions of people all over the globe are using holistic medicine to treat various types of illnesses. They include homeopathy. It also includes chiropractic care. Herbal treatments. Massage therapy. Yoga. Meditation. Hypnosis. Nutrition. Counseling. Exercise. These therapies target the whole person and not just the symptoms.
Complementary and Alternative Healthcare – Is it Evidence-based
Although the evidence base for alternative and complementary medicine is still in flux, there are many reasons people choose them. They may have tried standard treatments but found them ineffective. They may also want to try alternative therapies as they believe they offer better results than conventional care. They might also consider alternative and complementary medicines to improve their health. Always verify with your doctor that the scientific backing of any complementary or alternative medicines you use is supported. Ask your doctor or pharmacist if you are unsure if a treatment is effective. It could save you money and time in the long run.
Can a holistic doctor write prescriptions?
Holistic medicine is based on the premise that all diseases are caused by a combination of factors, including diet, lifestyle, environment, stress, emotional state, genetics, and other health-related problems.
These variables should be considered when prescribing medication to ensure a holistic approach to patient care.
To fully grasp the effect of each factor on a patient, a physician must have a good understanding of both modern science as well traditional methods such a homeopathy or herbs.
Many doctors have become certified in complementary and alternative medicine (C&A). This allows doctors to offer a broad range of services to their patients.
Statistics
- A 15-year systematic review published in 2022 on the global acceptance and use of CAM among medical specialists found the overall acceptance of CAM at 52% and the overall use at 45%. (en.wikipedia.org)
- An assessment of conventional treatments found that 41.3% concluded positive or possibly positive effects, 20% concluded no effect, 8.1% concluded net harmful effects, and 21.3% concluded insufficient evidence. (en.wikipedia.org)
- The use of alternative medicine in the US has increased, with a 50 percent increase in expenditures and a 25 percent increase in the use of alternative therapies between 1990 and 1997 in America. (en.wikipedia.org)
- The concept of regression toward the mean implies that an extreme result is more likely to be followed by a less extreme result. (en.wikipedia.org)
- In the 17% in which they disagreed, a third reader agreed with one of the initial readers to set a rating. (en.wikipedia.org)
External Links
ncbi.nlm.nih.gov
- BIOFEEDBACK TRAINING & TENSION-TYPE HEADADACHE – PubMed
- PubMed: A Randomized Controlled Trial to Determine the Effects of Foot Reflexology on Depression and Hospital Anxiety in Older Females: A Randomized Controlled Study – PubMed
liebertpub.com
- Games for Health Journal
- The Journal of Alternative and Complementary Medicine – A systematic review of randomized controlled trials involving acupuncture for insomnia treatment
webmd.com
doi.org
How To
What can a holistic physician do that a traditional practitioner cannot?
A holistic doctor can provide a greater range of services than a conventional doctor. This includes a nutritionist, massage therapy, naturopath and homeopath.
Holistic doctors treat patients holistically. This means they take a holistic approach to treating their health concerns. This allows them to find the root cause and implement preventative and long-term health measures. Holistic doctors employ natural remedies, such as essential oils and herbs, to treat illness. They offer nutritional and dietary advice to help you live a healthy lifestyle.
Holistic doctors also offer therapies such as acupuncture and reflexology, reiki or shiatsu, yoga, meditation or craniosacral treatment, as well as hypnotherapy and hypnotherapy.
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This blog is a source of general information and discussion on health and related topics. Information and materials on this blog, on the website, or in any of the connected materials are not intended to replace or used as a substitute for the advice of a medical professional, diagnosis, or treatment. This blog does not represent the application of any nursing, medical or other health professional advice or diagnosis. We are unable to diagnose health conditions, offer second opinions or provide specific treatment recommendations via this blog or on our website.
If you or another person is suffering from a medical issue and you are concerned, consult your doctor or seek out other medical professional treatment as soon as possible. Do not disregard medical advice from a professional or delay seeking it due to information you seen on the blog or website or in any of the linked materials. If you're experiencing an emergency medical situation, dial 911 or seek emergency medical assistance on the closest phone immediately.
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By: berci.mesko
Title: 5 Insights About The Future Of Health Insurance In The Digital Health Age
Sourced From: medicalfuturist.com/the-future-of-health-insurance-preparing-for-dr-big-brother
Published Date: Thu, 06 Apr 2023 08:00:00 +0000
Frequently Asked Questions
What is alternative medicine called?
Alternative medicine is a general term to describe any healing approach that differs from standard medical practice. Although there are many forms of alternative medicine, most are based on the premise that health care should be rooted in natural substances and practices rather than chemical medicines.
Alternative medicine can include acupuncture and herbalism, naturopathy and osteopathic manipulation.
Many alternative doctors claim that their therapies have improved patient satisfaction and reduced side effects. These claims are not supported by scientific evidence because most mainstream medical authorities ignore the evidence-based benefits that alternative medicine offers.
Who uses holistic medicine?
Holistic medicine refers health care that addresses the whole person instead of just treating symptoms. Holistic medicine focuses on both mental and physical well-being.
Holistic medicine encompasses acupuncture and massage therapy, chiropractic treatment as well as nutritional counseling, yoga and other complementary therapies.
People who use holistic medicine include those who have been diagnosed with cancer, heart problems, diabetes, arthritis, depression, anxiety, chronic fatigue syndrome, fibromyalgia, attention deficit hyperactivity disorder (ADHD), multiple sclerosis, Alzheimer's disease, Parkinson's disease, post-traumatic stress disorder, eating disorders, migraines, infertility, menopause, asthma, autism, and many others.
What are some examples of alternative medicine?
Alternative medicine refers specifically to any treatment that is not used in mainstream medicine. These include traditional Chinese medicine.
Alternative medicine may also refer to practices not based on scientific evidence but used successfully in clinical practice. Meditation, yoga, aromatherapy and reflexology are some examples.
What is the distinction between holistic medicine and traditional medicines?
Traditional medicine focuses on treating symptoms, while holistic medicine treats the whole person. Holistic medicine is holistic and does not focus on any one aspect of the patient's/her health.
Traditional medicine treats individual organs or systems (such as the brain), whereas holistic medicine considers all aspects of the body from the inside out. It also considers how lifestyle choices can affect overall wellness.
How safe can holistic medicine be?
Holistic medicines are safe as they aren't harmful drugs, but natural remedies that have been used for centuries by people who use them.
Many illnesses have been treated with them, including arthritis, chronic pain and asthma, high blood pressure, diabetes (heart disease), obesity, depression anxiety, stress, insomnia, infertility, and sexual dysfunction.
Millions of people all over the globe are using holistic medicine to treat various types of illnesses. They include homeopathy. It also includes chiropractic care. Herbal treatments. Massage therapy. Yoga. Meditation. Hypnosis. Nutrition. Counseling. Exercise. These therapies target the whole person and not just the symptoms.
Complementary and Alternative Healthcare – Is it Evidence-based
Although the evidence base for alternative and complementary medicine is still in flux, there are many reasons people choose them. They may have tried standard treatments but found them ineffective. They may also want to try alternative therapies as they believe they offer better results than conventional care. They might also consider alternative and complementary medicines to improve their health. Always verify with your doctor that the scientific backing of any complementary or alternative medicines you use is supported. Ask your doctor or pharmacist if you are unsure if a treatment is effective. It could save you money and time in the long run.
Can a holistic doctor write prescriptions?
Holistic medicine is based on the premise that all diseases are caused by a combination of factors, including diet, lifestyle, environment, stress, emotional state, genetics, and other health-related problems.
These variables should be considered when prescribing medication to ensure a holistic approach to patient care.
To fully grasp the effect of each factor on a patient, a physician must have a good understanding of both modern science as well traditional methods such a homeopathy or herbs.
Many doctors have become certified in complementary and alternative medicine (C&A). This allows doctors to offer a broad range of services to their patients.
Statistics
- A 15-year systematic review published in 2022 on the global acceptance and use of CAM among medical specialists found the overall acceptance of CAM at 52% and the overall use at 45%. (en.wikipedia.org)
- An assessment of conventional treatments found that 41.3% concluded positive or possibly positive effects, 20% concluded no effect, 8.1% concluded net harmful effects, and 21.3% concluded insufficient evidence. (en.wikipedia.org)
- The use of alternative medicine in the US has increased, with a 50 percent increase in expenditures and a 25 percent increase in the use of alternative therapies between 1990 and 1997 in America. (en.wikipedia.org)
- The concept of regression toward the mean implies that an extreme result is more likely to be followed by a less extreme result. (en.wikipedia.org)
- In the 17% in which they disagreed, a third reader agreed with one of the initial readers to set a rating. (en.wikipedia.org)
External Links
ncbi.nlm.nih.gov
- BIOFEEDBACK TRAINING & TENSION-TYPE HEADADACHE – PubMed
- PubMed: A Randomized Controlled Trial to Determine the Effects of Foot Reflexology on Depression and Hospital Anxiety in Older Females: A Randomized Controlled Study – PubMed
liebertpub.com
- Games for Health Journal
- The Journal of Alternative and Complementary Medicine – A systematic review of randomized controlled trials involving acupuncture for insomnia treatment
webmd.com
doi.org
How To
What can a holistic physician do that a traditional practitioner cannot?
A holistic doctor can provide a greater range of services than a conventional doctor. This includes a nutritionist, massage therapy, naturopath and homeopath.
Holistic doctors treat patients holistically. This means they take a holistic approach to treating their health concerns. This allows them to find the root cause and implement preventative and long-term health measures. Holistic doctors employ natural remedies, such as essential oils and herbs, to treat illness. They offer nutritional and dietary advice to help you live a healthy lifestyle.
Holistic doctors also offer therapies such as acupuncture and reflexology, reiki or shiatsu, yoga, meditation or craniosacral treatment, as well as hypnotherapy and hypnotherapy.
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