Software-as-a-service (SaaS) subscriptions are practically prevalent in the computing industry. Subscription healthcare may become the standard in the future.
According to the American Hospital Association, companies that drive the post-pandemic economy will go beyond transactional, episodic ties with patients and may instead rely on subscription-based solutions.
Patients are calling for a change. According to the PYMNTS and CareCredit report “ConnectedEconomyTM: Omnichannel Healthcare Takes Center Stage,” U.S. consumers began using digital channels to communicate with their healthcare providers and have continued to do so through patient portals, telemedicine technology, and mobile applications. 46 percent of them — an estimated 119 million — now utilize a combination of traditional in-person and digital choices to get healthcare services.
And the subscription business model may offer such choices at a fair cost. As new players enter the healthcare industry, expect them to arrange and provide services under the subscription business model. They may interact with clients in ways so basic that we have yet to imagine them. They will also use the subscription model to build a loyal customer base and a steady income flow.
Evolution rather than revolution
Payers, particularly those in the public sector, want a solution that simplifies healthcare delivery and financing while enabling widespread but low-cost access. And the trend has been developing for some years.
In the 1970s and 1980s, Kaiser Permanente pioneered the health maintenance organization (HMO) concept. The strategy gained traction among organizations looking for consistent, predictable employee healthcare costs. Employees, however, complained about the limited number of physicians, therapies, and treatments accessible, and the model developed into the Preferred Provider Organization (PPO) concept, which allows patients to choose providers outside of their plan’s network for a higher out-of-pocket fee.
Concierge care is a newer method of providing primary care. In this system, patients pay a monthly, quarterly, or annual fee for unrestricted access to a primary care physician. This often entails rather unfettered telehealth access. This notion has yet to be included in employee benefit packages.
Large-Scale Technology
Healthcare, which accounts for around 20% of US GDP, is the prize for technological advancement. Amazon, for example, appears to be increasing its efforts in healthcare. The eCommerce titan recently announced plans to acquire primary care provider One Medical.
The seven aspects outlined above will assist you in beginning to consider launching a new business. With a little research, you’ll realize that there are several aspects to consider, which is why you shouldn’t rush into starting your business.
