Alegeus Announces Five Predictions for the Consumer-Driven Healthcare Space in 2018
Published on January 10th, 2018
Alegeus, the market leader in consumer directed healthcare (CDH) solutions, today highlighted five trends it believes will be prevalent in 2018 related to the healthcare benefits industry based upon its position in the ecosystem and ongoing conversations with clients, partners and industry influencers.
- It is the year of acceptance with healthcare savings becoming a bigger priority for consumers. People will accept that they are responsible for a larger percentage of their healthcare costs, and much in the way that consumers have realized the importance of saving for retirement, they will begin to better understand the importance of factoring healthcare savings into the overall savings equation. In fact, the 2017 Alegeus Healthcare Consumerism Index reveals that although progress is slow, consumers are becoming more disciplined and value-conscious in healthcare spending and saving decisions. As such, fluency will also increase this year: for example, consumers are beginning to demonstrate higher proficiency when it comes to the differences between health savings accounts (HSAs) and flexible spending accounts (FSAs). This knowledge will ensure that consumers are making the best investment choices possible so that dollars are not left on the table.
- Digital technologies, including virtual assistants and AI, will boost healthcare engagement – moving from answering direct questions to delivering personalized guidance and proactive recommendations. If 2017 was the year of the virtual assistant in healthcare, 2018 will be the year of Artificial Intelligence (AI). Decision support will become an important aspect of the voice channel, increasing consumer education and engagement around benefits by leveraging machine learning and predictive analytics to deliver proactive recommendations.
- The industry will experience continued consolidation as healthcare affordability continues to force innovation. Mergers between health plans, consumer funds, and care delivery systems will integrate and simplify the industry. With better technology and purchasing options, such as the recent CVS and Aetna merger, consumers will be able access information and make purchasing decisions more easily.
- The “Amazon effect” meets healthcare. Existing industry players will work to deliver a fully digital and automated purchasing environment, or new entrants will enter the market to disrupt the legacy model. One example is innovation in homecare, and the ability to order a strep test online, have it shipped to your house, submit results online for diagnosis, and be emailed the results with a prescription included – effectively eliminating any waste within the value chain.
- Affordability will be a key consideration across stakeholders. High deductible health plans, the expansion of HSAs, consumer demand for transparency, and incentives are here to stay. As a result, innovation that drives affordability will be a focus for all in 2018, regardless of the how an individual receives coverage.
With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based healthcare payment solutions. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. We deliver exceptional user experiences and differentiated capabilities that help our partners strengthen their product offerings, operate more efficiently, and unlock their full growth potential. Our partnerships with the industry’s leading health plans, third-party administrators, financial services and benefit solution providers give Alegeus unparalleled reach in the market, with access to more than 100 million commercially insured Americans. And our unique partnership model empowers our clients to achieve outsized results – growing their programs at a rate that is 3-4X the market, and with the highest net promoter scores (NPS) in the industry. We never compete with our clients in the market – we win when they win. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.