Monday, November 08, 2010

#WHIT Megatrends on a collision course - Sustainable consumer payment solutions through innovation

More from WHIT: 

4:00 pm -
4:45 pm
Megatrends on a Collision Course – How Can Leaders Ensure Lasting Innovation and Sound Solutions?
  • The confluence of enhanced regulation, consumerism and technology in health care – impacts on the future of health care delivery
  • Core market trends and how they will drive future solutions
  • How leaders can ensure lasting innovations and sound solutions
Ralph Bernstein
Senior Vice President and Business Leader
U.S. Bank's Healthcare Payment Solutions 

 View Biography

Jeff Hancock
Business Development
TSYS Healthcare 

Jeff Bakke
EVP, Strategic Planning & Business Development
Kirsten Trusko
President and Executive Director
Network Branded Prepaid Card Association

- Employers driving Consumer Directed Health Plans
- Self Pay is increasing (expected to rise to $356B by 2012) (20% of total HealthCare spending

What is consumerism?

Healthcare consumerism is the well considered participation by the consumer in their healthcare buying experiences resulting in the proper balance between health outcomes and cost.

Increasing recognition that health and wellness is ultimately a personal responsibility.
Unintended consequences:
- Receivables
- Collections
- Bad Debt
 - Fraud

Health Savings Accounts - Eligibles reach 10Million.

Wellness  is coming to the fore:
- 80% of employers will increase employee communication/education aimed at reducing cost or improving health
- 45% will implement programs to improve treatment and medication compliance.

Consumers want to participate in CDH but are fearful. Do I have a cure or a bill?

Jeff Bakke: LightHouse1 - a cloud based solution to deliver HRA/HSA/DEbit/Credit card services.

Regulatory and consumerism changes are converging. Health and Cost are being tied together.

Privacy: Key protections but stunts integration and engagement

Jeff Bakke - used the mint example but said too many vested interests in HealthCare makes it a daunting task to do a Mint in the HealthCare industry.

He is missing one point. Mint didn't require the industry to give them the information. They just needed an integrator and the trust of the consumer to let them act on their behalf.

The newly insured have the lowest Healthcare IQ but are most responsive to simplification.

Reform is no longer clear. Clarity and Flexibility is a key factor to look for in partners. Build to be scalable. Cloud Computing will come in to play to provide fast scalability.

Mobile has a big future because it offers the opportunity to get in the Rhythm of daily life with members/patients/consumers.

Jeff Hancock: TSYS HealthCare payment processor.

The Patient is the New Payer.

Physicians and Hospitals typically collect 50% of billed charges. and only 10-20% for self-pay patients. This is almost $60B annually.

Patient Payments are rising to represent 15% of Provider Revenue.

Communication Innovation:

Print & Maik Per Payment $8.00

ERA.EFT: $3.20

Savings with ERA./EFT 60^

A health plan with 10k provider payments per month with 30% adoption can save $172.8K per year.

Payment by Credit Debit card by Patient reduces transaction cost to $0.59/0.53 for Credit/Debit payments.

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