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HCAD 640 – Discussion Topic: Looking to the Future

Hi, Please, read and comment on peer discussions in 100 words minimum with credible references in APA style.
Peer 1:
The Healthcare Financial Management Association (HFMA) examines four important segments that offers healthcare leaders guidance on how to prepare for the major health care market trends over the coming years, as healthcare continues to progressively change. The first segment examines healthcare ongoing transition to value, the second segments speaks on preparing for an increase on consumerism, the third addresses the effects of consolidation, and the finally segment guides organizations to stay ahead of innovation. The HFMA topic I reviewed was Consumerism. As consumers are demanding a better experience when seeking medical care, providers must consider their demands if they would like to keep up with competition. HFMA believes that the ability to generate and leverage consumer insights will be critical to the success of health plans and providers. It is “a trend that reflects the growing importance of consumer choice in the healthcare marketplace”(HFMA, 2016) Consumerism can be linked to high-deductible health plans and value-based care. According to Gordon (2021), patients rely more on their own online research and comparison shopping that on referrals from others has increased. With that being said, organizations can lose profit if they are charging patients higher cost of care options compared to their competitors. With consumerism providers can utilize the benefits that could help them financially and give their patients a peace of mind by supplying affordable health care options. With affordable healthcare options for patients, organizations should be able to increase their patient intake and remain financially stable. With volume-based payments still holding strong, delivery systems need to attract and retain as many patients as possible to be successful. (HFMA, 2016)
References
Gordon, Deb. (2021, December 2). Is the Era of Healthcare Consumerism Finally Here? New Survey Says Yes. Forbes. Retrieved from https://www.forbes.com/sites/debgordon/2021/12/02/is-the-era-of-healthcare-consumerism-finally-here-new-survey-says-yes/?sh=1b46ef813840
Healthcare Financial Management Association. Consumerism. Retrieved from https://www.hfma.org/content/dam/hfma/document/research_reports/PDF/50132.pdf
Peer 2:
The report on consumerism examines how provider organizations and health plans should be preparing for the ever-increasing influence of consumerism in the healthcare industry. The report describes how organizations can help promote a state of “health ownership” among consumers and why developing an enhanced understanding of what drives individual healthcare consumers will be especially important (HFMA, 2020). The perception with regards to the topic is that consumers are paying more out of pocket for their healthcare.
One inspiration from the article is that consumerism will not gain traction until healthcare organizations make a point of sincerely listening to consumers (HFMA, 2020). Another key inspiration is that health plans and providers that fail to respond to the imperatives of consumerism will risk losing relevance as the move to value-based payment gains traction, while consumer-savvy organizations will be positioned to thrive.
Healthcare consumerism will require a massive change in the way healthcare professionals market, deliver, and charge for their services. In particular, healthcare providers will need to focus on building their brands as they strive to operate more like a retail business in a highly competitive market (Cerner, 2018). For 2022 and beyond, consumers will continue to pay more for premiums and out-of-pocket expenses, employers will help mitigate some of the costs through HSAs and other tax-advantaged plans, healthcare organizations will need to provide more open channels of communication. As consumers embrace reviews, information and advice disseminated through digital channels, providers will have to adapt, and the delivery of healthcare services will become more marketing-driven.
But the CMS price transparency rule will also determine how consumerism will be affected. With its new price transparency rule, CMS is also placing a greater emphasis on having clear, accessible pricing information for consumers before service which ties back to the increasing trend of healthcare consumerism (Heath, 2020).
References
Cerner. (2018). What Health Care Leaders Need to Know about Consumerism. Retrieved 28 March 2022, from https://www.cerner.com/perspectives/what-health-care-leaders-need-to-know-about-consumerism.
Heath, S. (2020). Healthcare Consumerism Surges in Pandemic’s Financial Fallout. Retrieved 28 March 2022, from https://patientengagementhit.com/news/healthcare-consumerism-surges-in-pandemics-financial-fallout.
HFMA. (2020). An HFMA Report: Healthcare 2020. Retrieved 28 March 2022, from http://file:///C:/Users/user/Downloads/50132.pdf.

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