We can do more in the field of healthcare than ever before, and the advances being made are nothing short of miraculous. One such advancement — combining the uses of advanced computing techniques and new diagnostic technologies with a person’s unique medical history to develop more targeted and specific treatment and prevention plans — is referred to as personalized healthcare, and it’s revolutionizing the way that people receive medical care.
Of course, personalized medical care doesn’t come without a high price tag. Because the drugs and treatments provided by these types of care are highly personalized, they often cost more than traditional treatments. In fact, forecasts of the total size of the precision medicine market for 2025 range from $100 billion USD to over $2 trillion.[1]
Healthcare companies that hope to provide this excellent level of personalized care for their patients need to be prepared for the added cost, and to consider some ways to help financially support it.
Free up Money From Other Areas to Redirect Towards Personalized Healthcare Investments
Healthcare companies can start by looking at their finances in the same way that an individual would. For example, people who want to spend more in one area of their budget often consider cutting back in others to make up for the difference. Healthcare companies that are looking to further their investments in the area of personalized healthcare might consider how saving on other expenses can free up some of the funds necessary to do so. Some options include outsourcing certain specialities like IT and Human Resources through a single partner (to standardize the processes) to help reduce overhead costs, while optimizing patient flow and reducing bottleneck helps decrease delays and increase maximum occupancy.[2]
Invest in the Technology Wisely
The range of opportunity for personalized healthcare is wide, but that doesn’t mean healthcare providers have to dive into the deep end. Rather than throwing money at every opportunity, consider investing in one or two areas where your practice can make the largest and most impactful difference. Whether that’s through precision medicine tests, new machinery, genetic code analyzation or something else entirely will depend on the individual healthcare company. Do your research and think before spending.
Offer Multiple Forms of Payment
The more options that a patient has to pay for their medical care, the more likely they are to either want to or be able to take on the costs. By seeking out and offering the best financing opportunities — including offering payments over specific timeframes and multiyear contracts that bind the patient to the insurer that funded the cure — the more likely a company is to have patients that can afford the care which, in turn, helps cover the costs of providing that care in the first place.
Personalized healthcare has the potential to change the way we think about and receive healthcare in this country. Rather than sticking with a one-size-fits-all model, providers that work to advance this type of healthcare are on the verge of revolutionizing what’s possible. With a little ingenuity and forethought, there are ways to help lower the currently exorbitant costs, both for providers and patients alike.
