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Healthcare Consumerism – a Global perspective

Healthcare Consumerism – a Global perspective. By Sowmya Viswanathan M.D. Regional Chief of Internal Medicine Southcoast Health Massachusetts. USA – current affairs. Basics about health insurances: Commercial plans Medicare - Federal Medicaid - State Managed care plans Exchanges.

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Healthcare Consumerism – a Global perspective

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  1. Healthcare Consumerism – a Global perspective By Sowmya Viswanathan M.D. Regional Chief of Internal Medicine Southcoast Health Massachusetts

  2. USA – current affairs Basics about health insurances: • Commercial plans • Medicare - Federal • Medicaid - State • Managed care plans • Exchanges

  3. The individual market is coming to the U.S.: Are we ready? Source: Health Research Institute, “Change the channel: Health insurance exchanges expand choice and competition,” July 2011

  4. Market failureThanks to Debbie Gordon for sharing this slide

  5. Where in the world does it better?

  6. “The best health care in the world”? Source: 2012 Bloomberg Rankings, The World’s Healthiest Countries; World Health Organization, “World Health Statistics 2012” Kaiser Family Foundation Global Health Facts

  7. Idea #1:Let consumers shop for health insurance 50% of Australians buy private individual health insurance (despite universal public coverage)

  8. Idea #2: Informed financial consent: We need to bring it to the U.S. • Cost transparency in U.S. health care is almost non-existent • Estimating costs is hard • Costs vary depending on insurance negotiations • Consumers do not necessarily ask about costs… • …Or understand they are on the hook • Financial literacy is low • Informed financial consent could be part of the solution

  9. Idea #3: Mandate health savings Every Singaporean worker has an individual “Medisave” account to use for certain health care services Medisave accounts for 1/3 of health care spending Average account balance SG$16,900 (~U.S. $15,000)

  10. Repercussion : Medical Tourism • A “dud” or a “potential timebomb”? • Princeton health care economist Uwe Reinhardt put it, “the potential of doing to the US health care system what the Japanese auto industry did to American carmakers.” • Do they compete in Price, Quality and Access? • Packaging? Products? Sounds like manufacturing or retail.

  11. Reverse Engineering • How do we allude to this in concept of medical tourism? • What has Boeing, Lowes and Wal-Mart done to US healthcare industry?

  12. How Can I help you? • If Air Travel worked Like HealthCare!!

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