360° Coverage : Who Will Own The Future Of Healthcare?

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Who Will Own The Future Of Healthcare?

Apr 2 2014, 1:57pm CDT | by

Not long ago, consumers could access health information about as easily as they could access plutonium. This is changing rapidly in the information age. As a result, consumers—rather than doctors,...

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17 weeks ago

Who Will Own The Future Of Healthcare?

Apr 2 2014, 1:57pm CDT | by

Not long ago, consumers could access health information about as easily as they could access plutonium. This is changing rapidly in the information age. As a result, consumers—rather than doctors, government, insurers, hospitals, or healthcare companies—will own the Healthcare Century. Any healthcare institution that ignores this trend does so at its peril.

Before the information age, consumers were almost entirely beholden to their physicians for information about health and disease. Now, consumers increasingly educate themselves using the Internet to learn about their health, illnesses, and symptoms. Every day, the patient-doctor relationship becomes more of a partnership as patients come up the learning curve.

Previously, the system kept you from your test results until a doctor had time to interpret it for you. Now, mobile health innovations not only allow consumers and caregivers to obtain more data about the body, they also making such data obtainable under consumer control rather than under the control of the healthcare system. Such real-time, self-gathered health data may help the informed healthcare consumer keep doctors away.

Until recently, patients were asked to participate in clinical trials about which they knew very little. They underwent therapies that they could not independently research. Informed consent was not very truly informed, and patients were expected to trust the system—a concession of power to experts who might harbor biases or misaligned incentives. In the social media age, consumers are taking back some of that power by tapping into online communities and FDA clinical trial sites to gather additional information.

Pricing and performance opacity has long been the norm in healthcare. Stories about the variation in what hospitals charge different patients for the same treatment were once merely anecdotal. Consumers now share their medical bills online, and healthcare pricing data is being aggregated to create transparency for consumers. Similarly, consumers share their performance reviews of doctors and hospitals.

Consumers are not only empowering themselves through information about health but also by becoming participants in health innovation. Patient groups such as the Cystic Fibrosis Foundation directly fund and develop novel therapies that benefit patients in partnership with industry. The 2010 Patient Protection and Affordable Care Act established The Patient-Centered Outcomes Research Institute, which enables patients to become directly involved in improving healthcare research and outcomes.

Information is power, and a tectonic power shift is catalyzing a revolution in healthcare as information becomes demystified and liberated to consumers. The Gutenberg press liberated the printed word and the human mind, spawning an unprecedented era of human progress. As consumers take control of the future of healthcare, an unprecedented era of medical progress will soon be upon us.

Source: Forbes Business

 
Update
10

7 weeks ago

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Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the ...
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Update
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Update
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Update
7

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KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri H ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
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7 weeks ago

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Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last mo ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

8 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over R ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

8 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Mustapa Mohamed s ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 million ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

8 weeks ago

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Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Sche ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

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Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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