As we enter 2022, there are several important health insurance industry trends to watch. Some of these trends will help insurance providers improve the customer experience and improve their efficiency. These trends will also impact brokers, who will have to work on improving their technology. In addition to these changes, the healthcare industry is facing some significant changes, including the use of artificial intelligence and self-service customer portals.
Self-service customer portals
With self-service portals, end customers have more control over their policy purchasing and administration. They also enjoy the convenience of 24/7, global access. These benefits allow insurance providers to save time and money by reducing the number of calls they receive each day. In addition, self-service portals provide a more customized user experience. Insurers can even integrate a virtual agent to help customers with specific questions.
Self-service portals are a great way to reduce customer support costs. Customers can access FAQs and other information that will help them solve their own problems. This increases their knowledge base and helps them handle new problems more effectively. This can also improve customer satisfaction. Customers will feel that their needs are being heard and that they are valued.
Self-service portals can also be used to trigger automatic notifications to customers. These notifications can be delivered through multiple channels, including email, mobile, and push notifications. Moreover, customers will benefit from having their personal history stored digitally. This will ensure faster processing times, while reducing the amount of paper and printing costs.
Creating a self-service portal is not as difficult as one may think. There are a variety of vendors who offer self-service portals. They come as standalone products, components of an integrated suite, or SaaS subscriptions. Self-service portals combine a knowledge base article with personalized service to meet the needs of consumers and employees alike. They help service agents perform better, reduce customer wait times, and help employees increase productivity and satisfaction. They also help boost web traffic by generating content that can be shared with others.
In addition to relieving service desks of routine issues, self-service portals improve employee experience by giving employees the ability to handle their own administrative tasks. Employees have come to expect self-service support capabilities.
Insurers are increasingly leveraging AI to improve the customer experience and lower the cost of insurance claims. AI can also help insurers to identify underwriting risks and reduce fraud. Chatbots powered by AI can also boost customer support. Telemedicine is another AI-driven trend that has made its way into the insurance industry. It enables remote areas to access health care and helped millions of people get teleconsultations.
AI can help insurers identify fraud more effectively by leveraging large data sets. This data can be compiled from various sources and combined with a machine learning algorithm. This can help insurers identify fraud faster and eliminate administrative tasks that can be automated. This technology will also help insurers combat cyberthreats. In the U.K., for example, the number of fraudulent claims has increased by 10%. With AI, insurers will be able to reject or flag transactions for further review.
With more people using smart devices, healthcare companies will be able to offer more personalized services. In the next five years, AI will be integrated into more aspects of health care, including medical imaging, medical records, and healthcare delivery. AI can be a valuable asset for healthcare organizations and can reduce costs.
With so many new technologies emerging, the healthcare industry is adapting to these new conditions and technologies. With the increasing use of artificial intelligence, healthcare systems are becoming more efficient at treating their patients. In addition to this, over 80% of health systems plan to invest more in digital health over the next five years. A recent HIMSS report outlined the trends that are transforming the healthcare industry.
Real-time monitoring of patient data will become widespread. People’s genetics, lifestyle, and family history will become more accessible. With wearable devices, people can receive real-time updates on their health status.
Telemedicine is a growing trend that has the potential to improve access to healthcare for millions of Americans. According to McKinsey and Co, telehealth use has increased by 38 times since February 2020. Many insurers are also looking into expanding telehealth coverage to provide a concierge-style service for patients. Telehealth services are also becoming more prevalent in specialized areas, such as mental health and dentistry.
Telehealth has long been seen as impersonal, but it can also help health providers spend more time with patients. However, many health facilities have struggled to implement this technology. Some states are allowing waivers to help healthcare facilities implement the technology. Another hurdle is lack of broadband access, particularly in rural areas. However, the new Infrastructure Investment and Jobs Act may help solve this problem for some communities.
Another trend to watch in 2022 is the emergence of more affordable healthcare options. Many consumers want to cut healthcare costs and healthcare providers are responding. Increasing access to affordable healthcare options is the best way to lower overall healthcare costs. Consumers are now aware of the availability of lower-cost care options and are willing to shop around for it. In order to keep costs down, insurance companies are trying to provide more transparency.
Health systems are facing massive costs. According to the Centers for Medicare and Medicaid Services (CMS), US healthcare spending hit $3.8 trillion in 2019. These costs continue to rise and will hit $6.2 trillion by 2028.
If you are interested in the health insurance industry, then managed care is one of the key trends to watch in the coming years. Managed care is a form of medical insurance that helps you pay for medical care when you need it. The trend has seen a huge growth in the last decade. For example, a quarter of all Medicare beneficiaries are enrolled in a managed care plan. This trend is set to continue for the next five years.
Employers are key drivers of healthcare reform. Many of them are seeking alternatives to traditional health plans and steering employees toward lower cost, higher quality care options. In addition, some employers are even entering the health care industry on their own. This may include offering onsite clinics or health promotion programs.
The US managed care market is expected to grow at a CAGR of 6.03% over the next five years. The growth is largely due to an aging population. Because the population is becoming older, they are more likely to qualify for government-sponsored health insurance programs.
With rising healthcare costs, employers, the federal government, and consumers are seeking ways to reduce costs. Transparency regulations such as the Hospital Transparency Act and Transparency in Coverage Rule are expected to make it easier for consumers to compare prices and choose providers. This will also give consumers more resources to manage their health costs.
Managed care is a key trend that will continue to grow. In recent years, health insurers are joining forces with PBMs to provide more affordable prescription drug coverage. For example, CVS recently closed a USD 69 billion merger with Aetna, combining the health care business with the pharmacy. In addition, Cigna and Express Scripts have merged, creating a USD 67 billion company. In addition, Walmart and Humana recently partnered to launch a low-cost Medicare Part D prescription drug plan. This alliance offers a powerful array of retail and medical capabilities.
Managed-care plans are one of the key trends shaping the health insurance market in the coming years. Despite some recent challenges, the market has been able to stabilize prices and increase consumer access. Meanwhile, the individual market has been on a steady upward trend with rising participation and new tech-enabled insurers entering the market. Nonetheless, there are several potential issues to watch in the coming years.
The rise of medical costs is expected to impact employer-sponsored health plans in 2022. According to surveys by Mercer, employers will only cover 22 percent of the cost of health plans in 2022, a small increase from this year. The survey results were based on data from the U.S. Bureau of Labor Statistics and compensation data for U.S. workers. Another trend to watch is the growth of telebehavioral mental health services. Seventy percent of employers are already providing telehealth services for employees, and 17 percent are planning to do so in the next two years.
The rise of managed-care plans has been a key issue for employers and regulators. While some plans offer unlimited access to medical professionals, others provide limited coverage and a limited choice of doctors and hospitals. However, state insurance regulators are addressing the issue. For example, the NAIC adopted revised version of the Managed Care Plan Network Adequacy Model Act (#74) in November 2015. This revised version has additional protections against surprise out-of-network charges and balances the need for health insurance carriers to promote quality and competition.
Increasing transparency is another big factor to watch in 2022. Increasing transparency and accountability will improve the ability of consumers to compare prices and choose providers. By providing widespread information on pricing, healthcare costs should be more affordable for consumers.