Industry Players Busy Building Infrastructure For Consumerism

The debate over whether and how consumers will play a role in the health system of tomorrow is far from over.  Despite this, industry players have been moving to drive the spread of consumer-driven healthcare.

Now, this activity is moving into a new frontier, as illustrated by an interesting conference currently taking place in Chicago, titled Next Generation Health Plan Banking & Administration Management.  According to the conference organizers, this event (the first of its kind) focuses “exclusively on efforts to enhance the health insurance industry’s seamless integration of administrative processes with banking financial services.”  In plain English, this means health plans are accelerating efforts to leverage financial institutions’ experience with 401ks and other tax deferred investments to help develop better and more streamlined Health Savings Accounts (HSAs). 

What does this mean for the average consumer?  Well, insurance companies are looking beyond stand-alone HSAs as a means for individuals to manage their health dollars. They are seeking ways to fully integrate health savings accounts into individuals’ current banking activities.  Some hope these moves will reduce costs associated with managing HSAs. 

Clearly, much of the public has not yet fully embraced consumer-driven health plans.  However, if managed care organizations and banks succeed in making them more attractive and usable, this may change. 

Side Note: Beth Bierbower, Humana’s Vice President for Product Design and Development Innovation, is participating in the conference.