Event Recap: The Patient Will See You Now: How Empowered Consumers Will Transform Healthcare

Written by Innovate New Albany@InnovateNA9 years ago

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Do you know what a deductible is? Do you understand co-insurance? Do you know what the difference is between in-network and out-of-network providers? These are a few of the questions Shaun Young, CEO of Ardina, asked a group of entrepreneurs at Innovate New Albany on Friday, January 15.

His presentation, “The Patient Will See You Know – How Empowered Consumers will Transform Healthcare,” was part of Innovate New Albany’s Tiger Talks luncheon series. TIGER Talks educate business owners on the topics of Technology, Innovation, Growth, Entrepreneurship and Responsibility. They are offered free of charge throughout each month in an effort to help entrepreneurs “earn their stripes” towards starting and running a successful business.

Shaun said more and more health care costs will be borne by us as consumers, so we have to be better at managing our own health care if we want to have it when we need it.

He shared some surprising statistics:

• Medicare will likely run out by 2022
• one in five of us have a deductible greater than $1200
• one in four of us don’t have enough money in saving or checking to pay for that deductible
• one in three of us will avoid getting healthcare because we can’t afford to pay for it

In an abbreviated history of medicine, we’ve placed our trust in different entities. Shaun explained that in the 1980s, the doctor knew best. We always trusted our doctors and did what they said. From 1980 until 2010, the insurer knew best. Our insurance companies were calling the shots on the healthcare we could receive based on what they would cover. And since the 2010s, the patient knows best. We have played a bigger role in healthcare decisions for our families and ourselves.

He explained how technology has affected how we find and use healthcare:

Connected Consumers. Almost everyone has a smart phone, and we rely on it for communication and information.

Connected Devices. We have access to more information than we ever had before. Apps like Nike Plus, My Fitness Pal, and Fitbits all allow us to track our health and record our progress.

Connected Healthcare. More and more doctors, dentists, radiologists and pharmacists are using “screens” to record information and communicate. It has changed our routine medical examinations.

The Consumer Journey. We go through many of the same steps when selecting healthcare as we do when making a typical purchasing decision. The path to purchase is as follows:

1. Problem Recognition. We recognize our symptoms and decide to do something about it.
2. Information search. We look online for the cause of symptoms and try to figure out how much it’s going to cost us.
3. Alternative evaluation. In healthcare, the alternative is doing nothing, which can often be problematic.
4. Purchase decision. We investigate not only who is covered under our insurance plan, but also who is accepting new patients.
5. Post purchase behavior. In healthcare, there are no returns. We need to know what to expect and the questions to ask beforehand.

Shaun said the problem with healthcare is that the healthcare system traps all of the data. The solution to healthcare is empowering patients with information. Patients need to transform into consumers. When consumers understand what they need and how much it will cost, they can plan their healthcare decisions accordingly.

Shaun’s company, Ardina, is a new kind of wellness program designed to save time and money on out-of-pocket healthcare needs. If you have questions or would like more information, contact Shaun at 1-844-427-3462, or visit his website at myardina.com.

Want the full thing? Click play below.

Innovate New Albany, the city’s incubator for technology startups, entrepreneurs and small businesses, features 16,000 square feet of space within the New Albany Business Park’s Signature Office Building, 8000 Walton Parkway.