The healthcare industry is experiencing rapid transformation and that’s always the case due to constant advances in technology. With the aging of the baby boomer generation, as well as an increasing number of people with chronic diseases, more and more people are relying on the healthcare system for support. As a result, it’s important to stay informed about the latest trends in order to best prepare for the future.
Overall, if you’re a senior living in Florida it can be helpful to know what your options are based on changes in the healthcare system. From medicare changes and what value-based care means for you as a patient to the continuance of COVID-19 boosters, we’re going to talk about the top 5 trends in the healthcare industry that you might want to know more about.
1. COVID-19 Booster Continuance
Did you know that COVID-19 boosters have been updated? The newer boosters are better formulated for protection against the most recently known variant of COVID-19 that has been circulating. What’s new about the updated boosters is that they were specifically designed for a more broad range of protection. The reason for this is to have an option that will be able to better adjust to new variants of the virus and restore protection that we previously gained through initial booster shots.
The Bivalent Vaccine vaccine works to target both BA.4 and BA.5 variants. This particular vaccine helps to expand antibody response and it’s authorized for a single dose. Anyone older than the age of 18 can receive the Moderna Vaccine and anyone over 12 can receive the Pfizer-BioNTech vaccine. The CDC recommends receiving this additional vaccination because of the protein components that have been designed into the current vaccine.
2.Value-Based Care Will Continue to Grow: What This Means for Patients
Value-based care is an approach that uses data and insights to measure the quality of care. This approach is focused on improving quality and better managing costs. It’s also important to note that value-based care is a transition from fee-for-service, which means the amount of money paid for services. The government is encouraging the use of value-based care because it will improve care quality, lower costs and expand coverage. Value-based plans that are put into place by accountable care organizations are expected to grow by at least 22%.
This reflects a 7% difference between 2021 and 2025. Senior citizens will particularly benefit from value-based care due to the general benefits of this type of model. Not only does this form of care come at a much lower cost but it often results in higher rates of patient satisfaction. What this means is that physicians will be more in tune with their patients and will have less of a time clock on appointments.
Instead of basing patient visits on time, they will be focused on the value of the visit and the value of the outcome that you as the patient gets from the care plan prescribed by your physician. Additionally, medical errors will be reduced due to value-based models which will also result in you as the patient being better informed and knowledgeable about your care options.
3.Medicare Advantage Premiums Will Lower and Original Medicare Costs Will Increase
Although there was a 9% increase in enrollment for Medicare Advantage between 2021 and 2022, there is still a reduction expected to go into effect for Medicare Advantage premiums in the near future. By 2030, Medicare Advantage enrollment is expected to account for at least 69% of the population enrolled in Medicare. This year, you can expect to see a decrease in coverage price which will be around $19 per month for an average premium cost.
At least $265 billion worth of care services is expected to shift from traditional settings to the home of patients by 2025. This will apply to both fee-for-service Medicare patients and Medicare Advantage patients.
4.Internet of Medical Things
The Internet of Medical Things (IoMT) refers to connecting medical devices such as monitors, scales, cameras, wearable trackers, and other connected health equipment. While we know that this type of technology is taking different areas of the industry by storm, seniors living in Florida could benefit in a variety of ways.
The transparency that IoMT brings can help physicians make more evidence-based decisions and open learning opportunities for patients. Additionally, you can expect;
- Better drug management
- Reduction in cost of care
- Real-time monitoring
- Improvement in overall health outcomes
This type of technology is expected to improve efficiency in healthcare organizations, reduce healthcare costs, and improve access to data insights for patients. For example, if your doctor orders a blood test, the test results will be available immediately in your online health record. This is expected to reduce wait times and improve the quality of care.
Seniors should take advantage of the IoMT since it will help them monitor their health conditions better with fewer wait times and even eliminate the need to speak with the staff of their doctor’s office just to receive lab and other test results.
5.Hospital-At-Home Trend Will Become More Popular
In the healthcare industry, there’s a growing demand for hospital-at-home services. These are services provided at the patient’s home, rather than in a traditional hospital setting. This trend is expected to continue, especially in light of the rising number of seniors in need of acute care. Having the option to receive medical attention in your home is the reason for the level of popularity around this approach. 85% of seniors say that in-home care is their first choice in comparison to going to a hospital for treatment.
Given that hospital-at-home services are less expensive than inpatient services, many insurance companies offer coverage for different levels of home healthcare.
Consider the Difference These Trends Could Have On your health
If you’re a senior living in Florida, consider what you currently need to maintain your health. Maybe you need an in-home caregiver, or you prefer to learn more about telehealth options if your primary care physician’s office offers this type of service. Each of these trends could have an effect on different people and in different ways.
These healthcare trends are important for seniors because they offer more affordable and convenient options to get different levels of care needed and they are informative to medicare changes, and the direction of the healthcare industry itself. How it affects you will depend on your healthcare coverage and the things you need to maintain your health.
