Now
Despite increased interest in blockchain technology and artificial intelligence, the healthcare industry is more interested in technologies they can start using today. Specifically, companies want to implement and improve existing technologies. Brokers looking to gain a competitive advantage should focus their attention on two technologies now: marketplace technology and decision-support software.
1. Marketplace technology
Most businesses understand consumerism and tailor their offerings to consumer preferences. The healthcare industry hasn’t been as quick to cater to our consumeristic culture. But, they’re starting to come around as consumers demand first-rate healthcare at a cost they can afford. In fact, most medical offices have developed ways to cater to consumer preferences or are working on ways to meet those preferences.
This shift is exciting, and it will have an impact on brokers.
Marketplace technology will be used to increase value, expand choice, and minimize risk.
Brokers can take advantage of this technology by using a quoting platform capable of comparing multiple carriers. With such a platform, brokers can shop with their clients and cater to the hand-holding shopping experience clients seek.
Broker advantages
• Build client loyalty with a better shopping experience
• See first-hand how clients make decisions
2. Decision-support technology
According to a consumer research study, nearly two-thirds of millennials place extreme importance on benefits when evaluating their company loyalty.1 Couple that finding with the fact that employees, like clients, want personalized support when shopping for benefits, and the value of decision-support software becomes obvious.
Like clients, employees also seek personalized support. Progressive brokers will want to acquire access to decision-support technology if they don’t already have it.
Clarity Benefit Solutions connects brokers to Emma, a decision-support tool.
Emma asks employees a series of questions and uses their answers to advise them. She will search for hospitals and doctors and check to see if prescriptions are covered. Emma presents a comparison of multiple options based on the answers employees provide about themselves and their dependents. With Emma’s help, employees get side-by-side comparisons for all benefits.
Broker advantages
• Build client loyalty by making it easier for employees to shop for benefits
• Provide clients with the support tools they need to attract and retain top talent
Soon
3. Outcomes-based software
The number of outcomes-based contracts will rise as health plans begin to cover expensive drug treatments in response to consumer demand. Brokers will want to get ready for the emergence of outcomes-based software that tracks claims data and patient health status.
Though a few outcomes-based contracts exist—one was negotiated for the drug Luxtruna which is a genetic drug therapy for retinal dystrophy, a drug that costs nearly $1 million for both eyes2—more will appear soon, and technology will emerge to make these contracts feasible.
Later
4. Blockchain technology
Blockchain technology is still a long way off from being used in the healthcare industry, but eventually it will become a central part of the industry because it can reduce friction in healthcare information exchanges and costs.
Brokers can expect the technology to be particularly useful but may need to help clients overcome their security concerns, especially if clients are unfamiliar with how blockchain technology works. Blockchain a very secure technology that will eventually revolutionize the industry.
5. AI
Artificial Intelligence is another technology that will eventually become mainstream in the healthcare industry.
Chatbots will ask employees about their symptoms and use their responses to suggest remedies, including when to see a doctor.
Mobile apps, like the one being developed at Stanford University, which was trained with over 100,000 images of skin problems3, will provide more affordable and highly accurate diagnostic tools that employers can offer employees to save on healthcare expenses.
Brokers can expect mobile apps and chatbots to be top requests.
Access to Cutting-Edge Tech Starts with a Reliable Partner
Without a benefits tech service provider, it’s hard for brokers to acquire all the technology they need to stay competitive. Fortunately, not only will the right partner provide all the technology brokers need, but they will also make it easy for brokers to learn how to use the technology, and they’ll connect brokers to other cutting-edge products like the Ready for Life HSA and other must-have benefits like a commuter benefits plan. Learn more today at Clarity Benefit Solutions.
Sources:
1. https://blog.accessperks.com/millennial-employee-engagement-loyalty-statistics-the-ultimate-collection
2. https://healthpayerintelligence.com/news/outcomes-based-contracts-offer-payers-new-pharmaceutical-options
3. https://thenextweb.com/artificial-intelligence/2017/04/13/artificial-intelligence-revolutionizing-healthcare/
