03:34
Faizan
Theoretically this seems to work but taking this to the real market brings up a different truth. Being an effective consumer is not just good for the market but for the consumers themselves. This is where problems arise even when they pay more out of their pocket; they fail to be effective consumers. The following challenges are observed in a health care market.
Firstly, the above logic seems to fail in real life because most of the healths decisions the consumers take are financially short term but health implications remain for long term. Whereas it is found that in many other decisions, consumers get immediate feedback of their decision be it good or bad and then turning over to another medicine has implications lasting for years.
Coming down to another obstacle, health care decisions are always complex since they directly connect to your body and so having right information of quality of products become essential which in fat lacks in today's market. Most of the times information available focuses on quantity over quality and thus consumers fail to exercise their powers like a power to choose right surgeon for their surgery, all because of the lack of appropriate information. The third and common challenge is the less transparency of cost to the consumers.
The change in the market begins with operating the market in a newer way. The first step is unleashing the powers of the consumers and their utilization in the right way. It is reasonable to reward patients for their good decision making and appropriate actions and that people should be involved in process of evaluating and giving their honest feedback about the products and services and advising other patients. Moreover the market should be made free for entries and exits and transparency to costs should be increased.
Startups are always innovative and tend to address the problems of their target consumers and fortunately health care market is rising up with such pioneering startups. Let's take a look at some of such startups ready to bring a change in the market we have.
Castlight Health is working on one of the challenges discussed above, cost transparency. Evidences and study prove that transparency in costs lead to more proper making of decisions. A study shows that people using Castlight to find service providers for their health care solutions saved about $100 per case.
Better, another startup helps patients to get true costs in perspective of their insurance. With access to live consultation, it helps consumers to understand benefits of insurance and address problems related to bills and insurances.
Vital, it studies patients' purchases, combines them and negotiates with suppliers and manufacturers to help patients to spend low over health care.
Changing the health care market won't be a night's job but with the innovative ideas coming up, it seems to be a new dawn for the health care market.
Firstly, the above logic seems to fail in real life because most of the healths decisions the consumers take are financially short term but health implications remain for long term. Whereas it is found that in many other decisions, consumers get immediate feedback of their decision be it good or bad and then turning over to another medicine has implications lasting for years.
Coming down to another obstacle, health care decisions are always complex since they directly connect to your body and so having right information of quality of products become essential which in fat lacks in today's market. Most of the times information available focuses on quantity over quality and thus consumers fail to exercise their powers like a power to choose right surgeon for their surgery, all because of the lack of appropriate information. The third and common challenge is the less transparency of cost to the consumers.
The change in the market begins with operating the market in a newer way. The first step is unleashing the powers of the consumers and their utilization in the right way. It is reasonable to reward patients for their good decision making and appropriate actions and that people should be involved in process of evaluating and giving their honest feedback about the products and services and advising other patients. Moreover the market should be made free for entries and exits and transparency to costs should be increased.
Startups are always innovative and tend to address the problems of their target consumers and fortunately health care market is rising up with such pioneering startups. Let's take a look at some of such startups ready to bring a change in the market we have.
Castlight Health is working on one of the challenges discussed above, cost transparency. Evidences and study prove that transparency in costs lead to more proper making of decisions. A study shows that people using Castlight to find service providers for their health care solutions saved about $100 per case.
Better, another startup helps patients to get true costs in perspective of their insurance. With access to live consultation, it helps consumers to understand benefits of insurance and address problems related to bills and insurances.
Vital, it studies patients' purchases, combines them and negotiates with suppliers and manufacturers to help patients to spend low over health care.
Changing the health care market won't be a night's job but with the innovative ideas coming up, it seems to be a new dawn for the health care market.
Posted in: health and fitness
