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Spending Our Wealth on Health. The latest data from the Centers for Medicare & Medicaid Services (CMS) revealed that total 2015 US healthcare spending was $3.2 trillion, a 5.8% increase from 2014. The US economy’s share of all healthcare spending increased from 17.4% to 17.8%.
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Spending Our Wealth on Health • The latest data from the Centers for Medicare & Medicaid Services (CMS) revealed that total 2015 US healthcare spending was $3.2 trillion, a 5.8% increase from 2014. The US economy’s share of all healthcare spending increased from 17.4% to 17.8%. • The major drivers of increased healthcare costs have been higher private health insurance premiums and higher billing from physicians, hospitals and the pharmaceutical industry as well as an aging population that is living longer. • Although the Affordable Care Act (Obamacare) did have an impact on increased healthcare costs, it was only 8% of Medicaid expansion and new health insurance subsidies for Americans younger than 65.
The Evolution of Obamacare • Donald Trump and his Republican supporters in Congress have clearly signaledthat repealing the ACA, or Obamacare, and replacingit with a different system is a top priority; however, they are learning that it isn’t as easy as they might have thought. • One of many major hurdles to clear with the public is that the percentage of uninsured Americans was at its lowest during Q3 and Q4 2016, or 10.9%, according to Gallup, which is the lowest since Gallup began tracking this statistic during 2008. • Although 53% of Americans disapprove of the ACA, compared to 42% approving of it, as of November 2016 Gallup polling, more Americans wanted to keep it, but changed significantly, 43%, than those who wanted to repeal and replace, 37%.
Managing the Health Insurance Benefit of Employment • According to the Kaiser Family Foundation’s Employer Health Benefits 2016 Annual Survey, the average annual premiums for employer-sponsored health insurance were $6,435 for single coverage and $18,142 for family coverage. • There was essentially no increase in the average single coverage premiums for 2016, but family coverage increased 3%. • During 2016, PPO (Preferred Provider Organization) plans covered the most workers, at 48%; followed by high-deductible plan with a savings option, 29%; HMO, 15%; POS (Point of Service), 9%; and a conventional, or indemnity, plan, less than 1%.
Healthcare as a Retail Commodity • With the increasing cost of healthcare and health insurance premiums, 19% of Americans visited a retail health clinic instead of a physician or hospital during the 12 months ending October 2016, according to a Harris Poll. • Of those visits, 53% were for some form of treatment (allergies, colds, fever, etc.) while 35% of consumers had a flu vaccine; 32%, a health screening; 29%, a general health assessment; and 19%, a general physical examination. • Of particular interest to the stores, chains and healthcare organizations with a retail health clinic is that a majority of patients, 53%, purchased a product, 36% of which were OTC medications; 27%, personal care products; and 24%, food.
Healthcare in the Age of Robots and Artificial Intelligence • The American Medical Association tested online symptom checkers against physicians and found that physicians diagnosed patients’ conditions correctly 72% of the time, compared to 34% for symptom checkers. • Despite these results, symptom checkers operate with traditional computer programs and not artificial intelligence (AI), and some AI and machine learning technologists expect AI symptom checkers to outperform physicians eventually. • According to an August 2016 Kantar Media survey of US physicians, a majority stated “that their chronically ill patients would benefit from using mobile health and wearable devices to monitor and manage their conditions.”
Advertising Strategies • Healthcare organizations and professionals must learn how to use both traditional and digital media channels to brand themselves and their services aggressively to reach and attract consumers in a highly competitive environment. • Stores, chains and healthcare organizations with a retail health clinic should develop and implement marketing strategies and tactics targeting men, 18–44, living in an urban setting, and with a specific emphasis on Hispanic-Americans. • TV is likely to become a more important media channel for Millennials as they age. Healthcare organizations must be willing to use TV to brand themselves with Millennials and invite them to the digital channels with the information and conversations they prefer.
New Media Strategies • Use the social-media-influencer concept to create and maintain long-term connections with Millennials. Ask or incentivize selected Millennial patients to share healthcare information and their healthcare experiences, and to initiate social media conversations. • As new technologies are introduced to healthcare, organizations and professionals can build trust with their patients and the community by using social media, a blog and even videos to help explain these new technologies and the benefits they are providing. • Healthcare organizations and professionals that promote and conduct free health screenings in the community or for specific populations should consider live streaming such events on Facebook Live or similar apps to generate brand awareness and the value of screenings.
