The PwC 2016 Healthcare Industry Report and what it means for PBM’s, Health Plans and TPA’s

Earlier this year, PwC released a study detailing the top issues for the healthcare industry for 2016. While a number of the issues detailed in the study relate to patient satisfaction, one of the most important aspects for PBM’s, healthcare providers and patients is the increased use of digital implementations of information related to better health outcomes, more involved medication adherence and increased prevalence and use of mobile platforms.

As the PwC study references, millions of American consumers will have their first video consults; have been “prescribed” their first health apps and have used their smartphones as diagnostic tools for the first time this year. 2016 is also the year when many Americans, faced with higher deductibles, will manage medical expenses with new tools and services rolled out by their insurance companies, healthcare providers, banks and other new entrants. 

Additionally, the study indicates the following consumer preference findings regarding consumer behaviors and preferences:

• 53% of consumers are open to financing their prescriptions, meaning that more than half of consumers would be willing to pay the cost of a drug over time instead of all at once.
• 46% of consumers are willing to travel greater distances for “best in field” care and 33% are willing to endure to longer wait times for “best in field” care.
• There was a 2x increase in mobile health adoption from 2013 to 2015; the percentage of consumers with at least one medical, health or fitness app went from 16% in 2013 to 32% in 2015.
• Consumers have trepidation regarding the safety of mobile data if hacking incidents were to occur; 50% of consumers would think twice about using connected devices after a hacking incident, 51% would think twice about using manufacturer devices after a hacking incident and 38% would be wary of using a hospital that has been associated with a hacking incident.
• 72% of adults aged 18-44 would be willing to use telehealth services, such as videoconferencing, to consult with a mental health provider instead of an in-person visit. That percentage lowers to 43% with adults age 45 and over.
• 83% of consumers are willing to share their medical histories and records with a health system in order to assist with their own diagnosis and treatment plans.
• Understanding pricing for a variety of medical processes is still a key area of concern; 66% of consumers have never discussed price of a visit with their healthcare provider; 57% of consumers have never discussed the price of a prescription and 60% have never discussed the price of a procedure with their medical professional.

For PBM’s, health plans, and third-party administrators, understanding the importance of these consumer trends will help them navigate the best pathways for engaging consumers in managing their healthcare. With growth in the use of healthcare wearables and Big Data integration,, PBM’s, providers and TPA’s can leverage more personalized analytics, mobile messaging, and secure patient portals to drive deeper engagement with consumers, which most likely will lead to both better care quality and lower costs.

The PwC report findings and how they can inform strategies related to effective consumer healthcare engagement are in some ways foundational to the products that RxEOB offers its clients.  To find out how RxEOB can assist PBMs, TPA’s or health plans in better member engagement, please contact us at 888-648-0989 ext. 226, or email us at info@rxeob.com.