The digital age is taking on the healthcare industry because of the innovative approach to technology. Data is at the forefront of their innovative discoveries, which will revolutionize the quality of care now available. As the Institute of Medicine linked a third of patient expenditures as unnecessary, the powerful new technologies health networks are adopting will reinvent medical practices that enhance patient data accessibility and control over their health care.
1. Health Care Transparency and Communication
Wasteful spending is not the only concern in the healthcare industry. Transparency is also an issue for insurance consumers since out-of-pocket costs are rarely known until after medical providers finish procedures since services are covered in-network and some are not. Digital registries enable patients to find out about costs and providers before agreeing to treatment.
When financial obligations are not known, patients tend to prolong medical care intervention. Insurance companies also do not have access to pricing since there is no way to know which lab testing or procedures need to be completed. There is also no way to tell what prescriptions will be written, which further complicates patient concerns.
The average out-of-pocket cost is in excess of $1,300 before insurance payments cover the costs of care. The average cost of insurance rates is about $89, which means patients incur $2,350 for basic coverage. Today’s professionals are adopting communication methods like email, smartphones, and video conferencing technology to streamline costs and overall access to medical care by using innovative digital hardware and software to reduce overhead fees.
2. Consolidated Billing Software
Another issue that influences the health industry is interdepartmental billing that takes place within a single medical facility. Consumers are likely to receive several bills from the physician, specialists, the facility, and the lab if the providers belong to different healthcare networks. For patients who make co-pays and payment in full, receiving additional bills weeks later is not only problematic but financially stressful to budget-conscious patients. Networks like Aspire Health are also betting on technology to improve quality of care and reduction of wasteful spending.
Consumers have little choice but to pay since healthcare billing affects credit scores. The lack of transparency by medical professionals allows unqualified practices to go unchecked. The Institute of Medicine (IOM) found that in a single year, human error contributed to almost 10 percent of inpatient deaths. The IOM’s report, “To Err is Human: Building a Safer Health System,” noted that a million patients suffer from preventable errors annually. Consolidated billing reduces them.
3. Blockchain Technology
Did you know that medical facilities incur more than $13,000 in expenses yearly for every data mismanagement mistake made? Data breaches are must higher. More than six out of 10 physicians are unable to access records when referring patients to other specialists, which causes a lapse in timeliness between appointments.
Facilities also lose more than $250 billion in revenue because of outdated data processing software like HL7 and EMR. Blockchain technology is now serving as a data record system since each transaction records when services complete. The patients authorize access which makes it more transparent.
Technology is now leading the charge to better the health care system where innovation and software transparency can fix network issues and improve access to care exponentially.