According to this 2018 study by Rice University, Hixme’s Large Employer Benefit Model is right in line with other emerging consumer trends.
In particular, consumer empowerment dynamics in healthcare turn out to be far more effective in controlling costs than traditional Managed Care models that simply imposed care / coverage restrictions. When it comes to personally selecting care options and care coverage, workers and their dependents want private, independent transparency, choice and options.
Here is the intro to the brief:
Rising costs and changing attitudes about convenience and personalization are driving a trend toward greater consumer purchasing engagement and individual accountability even for health care services and coverage. This, according to a new issue brief by experts at Rice University’s Baker Institute for Public Policy.
“Making ‘Cents’ for the Patient: Improving Health Care Through Consumerism” was co-authored by Vivian Ho, the James A. Baker III Institute Chair in Health Economics and director of the institute’s Center for Health and Biosciences, and Anaeze Offodile, a physician at the University of Texas MD Anderson Cancer Center. The issue brief explores the impetus for:
- rising consumerism in healthcare,
- available levers to increase consumerism, and
- changes underway to health care data management.
These great quotes are proof points for Hixme as an answer to the crisis and show a necessary recalibration is already underway
- Consumers now bear more out-of-pocket health-related expenses (through rapidly increasing deductibles, co-insurance and other out-of-pocket cost-sharing.)
- Some high deductible health plans are more frequently coupled with a Health Savings Account (HSA) in the employer-sponsored market and insurance exchanges, both public and private. But that is only part of what is possible, when consumers are willing to engage. Hixme is betting that it’s full wraparound Hixme Health Bundles™, triggered by workers and their dependents are a big leap in additional protection, beyond just Health Savings Accounts alone.
- According to recent analysis, more than 30% of workers are currently enrolled in an High Deductible Health Plan and nationwide out-of-pocket health care spending grew by 40% from 2010 to 2014.
- By shifting the “first dollar risk” through these structures to patients, there is increasing evidence that consumers become more conscientious. They are more engaged in decisions about care and sources of care — including active decisions toward lower-priced options.
- With health care spending rising uncontrollably, (almost 18% of the 2016 US GDP) up to $3.3 trillion in 2016, a dramatic shift in the economic model of health care financing and delivery (the supply side) and the culture of health care consumption (the demand side) has to emerge.
- Nontraditional business combinations emerging in the health care / financing landscape (Amazon/J.P. Morgan/Berkshire Hathaway, CVS/Aetna, DaVita/UnitedHealth, and rumors of Walmart/Humana) suggest that this recalibration is already underway.
- A recent study involving a measure of search behavior among employees who had not met their deductible found a reduction in spending by 10-17% among those who identify as “price shoppers” (perhaps motivated to shop).
- Creating arrangements whereby consumers get to keep a portion of any savings generated from utilizing a lower cost option would go a long way toward engaging the public in health system changes.
“More care is not always better care, a higher price does not always signify higher quality, and physician-patient interactions should always be centered on the needs of the patient.”
- We live in a world where an individual’s discretionary choices (food, clothing, travel) are increasingly driven by convenience and amenability to control—e.g., online shopping—and the prevalence of mobile apps.
- These attitudes will only heighten with future generations and it should come as no surprise that they greatly influence how people interact with the health care sector.
- The increasing prevalence of walk-in clinics, patient experience/satisfaction surveys, online physician reviews, telemedicine and concierge medicine speak to this. More importantly, they add an air of permanence to the present consumerism movement.”
That “air of permanence” is the thermal Hixme is counting on!
Hixme’s Large Employer Benefit Model is right in line with other emerging consumer trends.
Hixme is betting that it’s full wraparound
Hixme Health Bundles™ triggered by workers and their dependents, are a big leap in additional protection, beyond just Health Savings Accounts alone.
For more information visit us: hixme.com, Facebook, Twitter, LinkedIn.
ABOUT THE HIXME THINK BLOG: Authored by one of the gurus of health insurance, Denny Weinberg, postings reflect market trends and the powerful emerging movements toward true portability and personal ownership by workers and their families. Postings follow these emerging trends, driven by consumer ownership of retirement benefits, consolidations by health care institutions, and the stated pro-consumerism goals and actions of the administration, federal agencies and Congress.