Each new year brings with it both predicted, and unpredictable, changes and transformations. The health care and benefits industries are no different, especially with technology advancing at such a rapid place.
That being said, below are five trends that Steve Auerbach, CEO of Alegeus, believes will be impacting the health care and benefits markets in 2020.
1. Personalization will take center stage
The health care market often generalizes their services to serve the majority of consumers. This is a mistake, because each consumer has unique needs and issues that should be addressed individually. In 2020, the industry is going to lean into the need for personalization, and utilize data and statistics to deliver specific experiences to their consumers.
2. Disruptive technologies, especially artificial intelligence (AI) and machine learning, will be vital to deliver a next-level consumer health care experience.
As personalization gains more appreciation in the health care world, industry professionals will begin to utilize AI as a way to analyze consumer data. AI will be able to analyze consumer data more quickly and efficiently than providers themselves would be able to. Some of the data that AI could be analyzing includes health history, income, personal risk factors, and other identifying traits that would allow market leaders to deliver a hyper-personalized health care experience.
3. Health savings accounts (HSAs) will continue to gain traction.
As consumers are become more educated about HSAs and the value that they hold, account utilization will rise. With health care costs rising, it's not a jump to say that consumers will be more involved in their healthcare, and therefore their HSAs. Employers will likely start encouraging employees to enroll in their HSA through account seeing, matching, and other incentive strategies. Auerbach believes that there is a chance that HSAs could become so mainstream that they could reach a higher popularity than 401ks.
4. Market consolidation will continue to make headlines.
Many large players have already consolidated in the last few years, and that trend is expected to continue through 2020. There are many reasons for consolidation, but partnerships like CVS, Aetna, and Playflex, are bringing together health coverage, care, and payments. As you can imagine, this creates an all-in-one experience that is simple and accessible to their consumers.
5. Consumer satisfaction will be a key initiative across the industry.
Looking back on the prior 4 predictions, they all center around an improved consumer experience. The industry is shifting their goals to be more consumer-oriented and it will completely change the industry. These changes will not only create better outcomes, but also more engaged health care consumers who will finally get more value out of every dollar they spend.
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Original article written by: Steve Auerbach