Tech-Savvy Healthcare: How Wearables & Apps Could Change Your Insurance Did you know that tech-driven wearable medical devices & apps have the power to transform modern healthcare & insurance policies? Learn what to expect.
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Tech-Savvy Healthcare: How Wearables & Apps Could Change Your Insurance
Tech-Savvy Healthcare: How Wearables and Apps May Impact Your Insurance
Healthcare is in the process of a digital transformation. Technology-savvy healthcare is on the rise and has the potential to revolutionize the way healthcare is delivered. We are in a period of rapid advancements in the wearable and mobile health app space which can provide healthcare practitioners with dynamically up-to-date patient data. In addition, values-driven healthcare, such as pay-for-performance, is a developing trend that incentivizes providers by linking health outcomes to financial rewards and consumer satisfaction. In this blog post, we will take a look at how these two technology-led trends are impacting healthcare insurance for both providers and consumers.
How Wearables and Apps Are Changing Healthcare
Wearable and app technology are revolutionizing healthcare as we know it. Wearables measure and record vital signals and provide real-time feedback, which gives healthcare providers and consumers improved insight into health outcomes. In addition, an array of mobile apps are available to store and access health data more conveniently.
There are various types of wearables available on the market today. Fitness trackers are the most popular form of wearable; they measure a person’s activity level and vital signs. Smartwatches, wrist bands, rings, clothes, bracelets, and even eyewear can all track your vital signs, and give you insights into your health and fitness levels. Wearables and mobile apps have the potential to improve the efficiency of the healthcare system by automating tasks and providing up-to-date patient data.
Wearables Give Patients More Control
The use of wearables and apps enables patients to take control of their own health. Rather than relying on health professionals to provide insights into health outcomes, patients can gain insights into their own health status based on the data they receive from their device. For example, a patient can monitor their heart rate, blood pressure, and calories burnt during a workout.
Patients can track their own health progress, which gives them more motivation to stay active and reach their health goals. Patients can also set reminders on their devices, such as taking their medication on time. The use of wearables and apps gives patients more control over their healthcare and can significantly improve their overall health.
Wearables Can Be a Cost Saver for Insurance Companies
The use of wearables and apps can be a cost saver for insurance companies. Health tracking devices can reduce costs associated with preventable diseases and long-term hospitalizations. Wearables can track a person’s health data in real-time and alert healthcare professionals of any changes in health immediately, which can result in quicker interventions and prevent any further deterioration of their health.
In addition, the use of wearables can encourage healthier lifestyles. By offering incentives to wearables users who lead an active and healthy lifestyle, insurance companies can reduce costs associated with preventable diseases and health-related outcomes.
Pay-For-Performance Is an Emerging Trend
Pay-for-performance, or value-based healthcare, is an emerging trend that attempts to positively influence healthcare outcomes through financial rewards. Insurance companies will use various performance metrics to determine the quality of care, such as healthcare quality, the timeliness of service, patient satisfaction, and how cost-effective care is.
Once performance metrics are met, providers can earn rewards from insurance companies, such as bonuses, premium payments, or additional services. This incentivizes providers to invest more into patient care and work more efficiently. The use of pay-for-performance models is becoming increasingly popular amongst insurance companies, as it helps to reduce costs associated with preventable diseases and long-term hospitalizations.
The Impact of Wearables and Apps on Insurance
The use of wearables and apps can have a positive impact on the insurance industry. In addition to providing healthcare practitioners with up-to-date patient data, wearables can also be used to encourage healthier lifestyles amongst patients.
The use of pay-for-performance models provides incentives to providers to invest more into patient care and also allows insurance companies to reduce costs associated with preventable diseases and health-related outcomes. All in all, the use of wearables and apps has the potential to revolutionize the way healthcare is delivered in the coming years.
FAQs
What is technology-savvy healthcare?
Technology-savvy healthcare is the application of digital technologies to enhance healthcare. It includes the use of wearable devices and mobile apps to provide healthcare practitioners with up-to-date patient data, as well as innovative pay-for-performance models that incentivize providers by linking health outcomes to financial rewards.
What types of wearables are available?
There are a variety of wearables available on the market today. Fitness trackers are the most popular type of wearable, with many other types of wearables, such as smartwatches, wristbands, rings, clothes, bracelets, and even eyewear, available. These devices measure and record vital signals, providing real-time feedback to healthcare practitioners and patients.
How do wearables benefit patients?
Wearables give patients more control over their own health, enabling them to monitor their own progress, gain insights into their health status, and set reminders for taking medication. In addition, wearables can also help to encourage healthier lifestyles, as they can provide notifications when a person is not active and prompt them to go for a walk or do some exercise.
How can wearables and apps help insurance companies?
The use of wearables and apps can help insurance companies reduce costs associated with preventable diseases and long-term hospitalizations. Wearables can track a person’s health in real-time and alert healthcare practitioners of any changes immediately, which can result in quicker interventions and prevent any further deterioration of their health. In addition, insurers can offer incentives to people who lead an active and healthy lifestyle, further reducing costs.
What is pay-for-performance?
Pay-for-performance, or value-based healthcare, is an emerging trend that provides financial rewards to providers when they meet performance metrics. This incentivizes providers to invest more into patient care and work more efficiently. Insurance companies often use metrics such as healthcare quality, the timeliness of service, patient satisfaction, and cost-effectiveness to determine the quality of care and provide rewards.
