We asked a fairly innocuous question the other day in our social media outreach, one of those things that you’re not sure exactly how people may respond.
We were genuinely interested in the responses, certainly, but we weren’t prepared for what came.
The question was this:
“If you could change one thing about the healthcare system, what would it be?”
This was an effort to open a frank discussion amongst the medical professional community we’ve taken on the task of serving recently, but there’s a thing I forgot about social media.
It’s social.
I have hundreds of friends on Facebook that, like it or not, have very little or no interest in my latest “more profit less tax” post.
But a few of them popped up in response to this one.
I sat down with this and have some thoughts to share on the subject.
There is a large glaring crisis of confidence faced by the average consumer of healthcare services today. It stems from a multifaceted and complex set of issues, each contributing to a sense of uncertainty and dissatisfaction with the healthcare system, particularly in the United States.
Rising Healthcare Costs
One of the biggest healthcare issues facing everyone in our great land is the escalating cost.
It can be argued that we have been living in inflationary times since forever, but this has been brought home in a powerful and terrifying way by the recent inflation crisis brought on by the freewheel spending of our favorite national government in response to the global pandemic.
Everything is going up, but some things are going up at a greater than average rate, and many medical costs are in this category.
This includes not just the direct costs of medical services but also the associated expenses such as insurance premiums, deductibles, and out-of-pocket costs. The high costs often result in financial strain for individuals and families, even those with insurance coverage.
This issue is exacerbated by the lack of transparency in pricing, making it difficult for consumers to anticipate or compare the costs of care.
The hopelessly complicated nature of benefits coordination doesn’t make comparing apples to apples any easier, either.
Complicated Regulations
The healthcare system is governed by a complex web of regulations at both the federal and state levels. These regulations can be difficult to navigate and understand for the average consumer.
For instance, insurance plans vary widely in terms of coverage, eligibility, and reimbursement processes, making it challenging for patients to make informed decisions about their care.
I’ve recently learned that Medicare requires additional regulation regarding the initial interview process with incoming recipients, which in my mind has to include new logistical headaches, and eventually greater administrative costs of both time and money.
Provider Prejudgment of Patients
There are concerns about healthcare providers forming preconceptions about patients based on appearances, socio-economic status, or other intangibles. This can lead to disparities in the quality of care received by different groups of patients.
For example, studies have shown that racial and ethnic minorities often receive lower quality of care compared to their white counterparts.
It was brought home to us this past week that women still suffer from stereotyping as well. We are now aware of a young lady that had to visit four different specialists in the same field before getting her very real health issue taken seriously. In the 21st century this is bordering on inexcusable, in our humble opinion.
High Prescription Drug Prices
The U.S. is notorious for its high prescription drug prices compared to other developed countries.
This is attributed to various factors, including the lack of government regulation on drug prices, the complex patent system that allows pharmaceutical companies to maintain monopolies on certain drugs, and the powerful pharmaceutical lobby that influences policy-making.
The drug companies will argue that the first pill out of the gate costs millions upon millions of dollars in research and development, and in a logical way this can be understood to some degree.
Nevertheless, the disparity in pricing based on the marketplace, the demographics of the consumer, and particularly what the lobbyists convince Congress with their dollars is acceptable creates an extremely skewed playing field.
In the end, there are people that have to choose between life-preserving or life-saving medicine and paying their rent, and it is not lost on us that we live in the only country in the world in which one might have to face bankruptcy as a result of their medical costs.
Difficulty in Obtaining Quality Care
The high costs and complexity of the healthcare system can make it difficult for individuals, especially those without significant financial resources, to access quality healthcare.
This issue is more acute for those with chronic conditions or those requiring specialized treatments.
The disparity in access to quality care often leads to worse health outcomes for lower-income and uninsured populations, despite all efforts to ensure coverage for all.
The Elephant in the Room
These factors collectively contribute to the crisis of confidence among healthcare consumers.
They underscore the need for systemic reforms to make healthcare more accessible, affordable, transparent, and equitable.
Efforts to address these issues involve policy changes, increased regulation of healthcare prices, efforts to reduce biases in healthcare provision, and initiatives to simplify and make more transparent healthcare regulations and insurance systems.
The elephant to which I refer here is the dichotomy of attempting to provide quality care for all, and to create a comfortable living from taking on the responsibility and the advanced education and training to do so.
I feel that now, more than ever, it is critical to have the best possible business advisory vehicle in place for the purpose of making the most of the business that you, the medical entrepreneur, aspire to provide.
If you feel as I do, and would like to discuss how having a non-equity financial partner guiding your practice’s business future can increase your wealth, reduce your taxes, and provide the peace of mind that will allow you to put 110% of yourself into your patient care goals, we would like to talk to you as well.
We have availability to take two new clients still in December at the business advisory level of service.
If this sounds right for you, reach out now with a DM through the social media you are reading this on, or just click here and book a Work With Me conversation now.
Imagine you, only with more time for your patients, and more money for your goals and your life. Then reach out to book that call, and let’s talk.