Consumerism in healthcare will be the post-COVID-19 driving force

COVID-19 threatens to strain wallets and access to affordable healthcare for Americans. Almost half of Americans are more worried than they were before the pandemic about the cost of healthcare today.

The cost, quality and convenience of healthcare are the driving factors for healthcare consumerism, or how patients use information and technology to make informed decisions. The world today has pushed customers to find the most cost-effective treatment and to look for information about vendors, hospitals, payment plans and options.

Healthcare institutions would need to implement customer-centric models and technology strategies based on education and accountability with simplified communications and advanced payment processing in order to meet current consumer demands.

Digitized solutions to help development

  • The pandemic has forced the fast-track restructuring of healthcare systems. Digitized solutions like telehealth and digital payments have become a customer standard at a time when in-person appointments are scarce and security issues are top-of-mind.

  • Indeed, 41% of Gen Z and 33% of Millennials prefer choices for virtual treatment over in-person care. Although older generations are more likely to favour in-person care, the preferences of younger generations will shape healthcare’s future.

  • Payment cycles (like apps and infrastructure to facilitate real-time payments) have also been digitised, without which customers are often left in the dark about healthcare costs and choices. To encourage greater accountability, education and payment comprehension, consumer-centered healthcare models and technology solutions must be considered.

  • Virtual technologies also provide an opportunity to scale up healthcare plans, as companies can expand services to a broader variety of customers. In addition, by - patient retention/recruitment and reducing operational costs, the continued use of these solutions can help boost revenue streams.

  • Upfront investment and reimbursement costs are the key barriers to the implementation of these solutions. Healthcare organisations would need to secure sufficient virtual care and payment systems to incorporate telehealth.

Flexible and convenient care options to help with the bottom line

In 2020, hospital losses are estimated to reach $323 billion, according to the AHA. Healthcare officials need to search for viable solutions to survive future crises with a steep drop in revenue-driving procedures.

Enhanced customer satisfaction and retention and the introduction of digital banking technologies are two main factors for evaluating these approaches.

Final takeaways
More than ever, healthcare organisations and providers are responsible for transitioning to a healthcare paradigm that is more consumer-centered.

Organizations need to realise that healthcare consumerism is no longer just an aspirational expectation of tomorrow-it is here now, ranging from digital reimbursements and telehealth accessibility to banking technology solutions that scale and expand as they do. Read from Source