Four Consumer Trends Impacting the Healthcare Market

Technological advancements has not only aided innovation in medicine, but has also made more consumers knowledgeable about their options in the healthcare market --- giving consumers more control in the decision making process.

The Healthcare Financial Management Association recently published their second report, of a series of four, called 'Health Care 2020'. In that report, according to the Becker's Hospital Review, HFMA discusses "the increasing impact of consumerism on healthcare business trends and recommends guidance for industry stakeholders looking toward value-based care."

[Healthcare] consumerism is defined by the HFMA as "a trend that reflects the growing importance of consumer choice in the healthcare marketplace.

As for what those trends are? Here are four key factors and trends impacting the healthcare market:

1. Consumer choice and population health: Consumers expect transparency and choice in their healthcare experience.

2. Health ownership: Increased cost-sharing under high-deductible health plans encourages consumers to consciously direct and control their healthcare spending.

3. Consumer insights: As healthcare organizations refocus delivery efforts to meet consumer expectations, healthcare leaders need to understand and target the unique preferences of their particular demographic populations.

4. Quality feedback: To adopt new consumer-driven strategies, hospitals need ways to gather and analyze patient feedback

For a more detailed analysis of the four consumer trends impacting the healthcare industry, you may visit the Becker's Health Report.

(This article was originally published on October 14, 2016)