As we near the end of 2016 and turn into yet another year of massive healthcare spending, more and more consumers are demanding transparency in medical bills and healthcare costs. Despite our increasing collective knowledge and technological advancements , 0ne of the profound mysteries of the 21st century are the accelerating and mysterious medical bills. More consumers are now demanding improved transparency and financial solutions within the healthcare billing system. The healthcare industry will need to change from their traditional billing system based on an age old hospital’s master book to a price-matched one. Consumers are demanding more value for every dollar spent and are open to reviewing various options and procedures to manage the rising costs.
With the widespread use of smartphones, apps and wearable technology, we will see an increase in patientless hospitals where care is provided virtually. Video physician consults and real time physiological monitoring are a few of the ways that increasing health value can be obtained for every medical dollar spent. Additionally more and more middle-aged consumers are open to exploring alternative ways to finance their medical bills. This is now the time for the healthcare industry to model novel financial solutions using examples from other industries.