Obtaining quality healthcare in the United States has become complex and daunting for many Americans. Rising healthcare costs and uncertainty following the pandemic have thrown the industry into a tumultuous period. According to a report by the American Hospital Association, patients have experienced a 17.5% increase in overall health expenses between 2019 and 2022.
The report points to rising labor costs, inflation, and medical equipment costs as causes for these increases. Increasing claims denials by insurers was also listed as a factor. As Americans search for solutions to their healthcare needs, a complicated insurance market poses significant challenges.
Thankfully, new digital marketplaces are transforming the future of healthcare. As digital healthcare solutions are adopted nationwide, healthcare may become more accessible and affordable for patients in need.
What Is Digital Healthcare?
Digital healthcare, also known as digital health, integrates digital technologies into healthcare. According to TechTarget, this can include different technology categories, including mobile health apps, electronic health records, wearable devices, telehealth, and telemedicine.
Digital health has become more significant in today’s healthcare as technology develops. It incorporates diagnostic, bioinformatics, predictive modeling, and decision support systems. With patient portals built into these platforms, access to these technologies has been made more broadly available.
The Benefits of Digital Marketplaces for Patients
One effect of digital healthcare markets is increased transparency in healthcare pricing. Patients logging into these platforms can review their doctor visits, evaluations, prescriptions, and reports. They can also make new appointments and order procedures, with clear price listings and options to review insurance compatibility beforehand.
Additionally, many digital marketplaces contain directories of doctors with varying specialties, which prospective patients can review and confirm compatibility with their insurance networks. This can help save them from the unexpected costs of out-of-network treatments.
The Benefits of Digital Marketplaces for Providers and Employers
In addition to facilitating better patient healthcare decisions, digital marketplace models can help providers and employers reduce costs. According to the American Hospital Association report, 32% of total healthcare spending was on administrative expenses, with 84% of hospitals reporting that the cost of complying with insurance policies is rising. A digital healthcare market presents an alternative to managing costly administrative tasks and coordinating insurance options.
Employers searching for better healthcare plans for their employees can use the more flexible plan design offered through digital markets. These can integrate with existing employee benefits systems for streamlined access to care. As healthcare markets become increasingly prevalent, many companies have turned to the cost-saving potential of these platforms.
Reshaping Healthcare by Simplifying the Patient Experience
Many growing enterprises are filling the demand for digital healthcare platforms. One notable company is Tendo.
Tendo has simplified the patient experience through its “ Shopify” approach to healthcare. Its platform makes care options easily searchable and offers straightforward purchase options like e-commerce. Tendo claims to help its customers obtain an average 20-50% cheaper rate than traditional healthcare platforms by creating a marketplace with transparent, upfront pricing for healthcare services.
“By bringing healthcare services into an accessible, digital marketplace, we’re providing consumers with the ability to make informed decisions,” says Ben Maisano, Senior Vice President at Tendo.
The Growing Impact of Digital Health Marketplaces
As healthcare costs in the United States continue to rise, the nation could be facing a crisis of accessibility. Digital healthcare marketplaces have the potential to alleviate this issue. Digital healthcare is becoming more broadly available to patients, allowing Americans to enjoy increased access, affordability, and convenience. With benefits to patients, providers, and employers, digital healthcare markets might be the future of healthcare in the digital age.
