How CEOs Can Align The Healthcare System To Work For Them and Their Employees
The U.S. healthcare system is primarily paid fee-for-service. It means the system benefits more from people getting sicker. Imagine driving on a mountain road approaching a sharp curve. Would you prefer a warning sign and a barrier along the difficult turn or a sick care system with expensive medical services at the cliff’s low point? One can say that the $4 trillion U.S. healthcare system is at the cliff’s bottom without any warning signs or preventative help.
There is the perception that the health insurance companies monitor and guide the healthcare system for patients’ benefit. However, many of these groups profit more from larger costs taken on by patients and their employers. It is compulsory for group health plans to pay out 85% of their premiums in the form of claims.
How can senior management leverage their resources so that employees and employers alike get better outcomes as well as better value for money?
Management could apply a defined contribution approach to buy health benefits. They can also consider a subscription-model to access primary care, which is more preventative and can avert high costs of major treatment that might be avoidable. Keeping employees/members healthy is more effective and affordable than applying a sick care reaction to medical needs. Furthermore, guidance and/or coaching is paramount to navigating an opaque, difficult healthcare system.
We continue to see more advances in our healthcare system. Please watch this space as the innovations move forward.
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