What is one way that you think Obamacare will motivate health-tech startups to be more innovative with their products in the years to come?
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
1. New ‘Patient-Centric’ Model
Health care is becoming more “patient-centric,” and that has only increased with Obama’s health care reform. New technologies are not only looking to serve the new “consumer patient,” but are also calling on these patients to help improve health care. This creates a tremendous opportunity for health-tech startups — and perhaps a missed opportunity for those who don’t innovate.
– Bobby Grajewski, Edison Nation Medical
2. Readmission Rates
Health-tech startups will have to introduce products that can help hospitals reduce readmission rates because that affects a hospital’s reimbursement rate. One such technology already on the market is called Aidin, which streamlines and improves the discharge process.
– Andrew Schrage, Money Crashers Personal Finance
3. Employee Health Care
Obamacare provides some nice tax breaks for small businesses. That’s a good thing. It can be hard for a small startup to offer health care to its employees. The financial burden can be huge for a growing company with a small number of employees. Obamacare makes providing health care easier. That means happier, healthier employees, and more innovative startups will emerge, survive and thrive.
– Mitch Gordon, Go Overseas
4. Cost-Cutting Tech
The U.S. spends twice as much on health care as other developed countries. But higher costs don’t necessarily translate to better outcomes. Using emerging technologies, medical providers can and will want to use is the only way to lower the costs of our country’s health care delivery model. Providers are getting squeezed in their payments, but they should welcome innovations to lower cost.
– Robby Hill, HillSouth
5. Preventative Care
Along with Obamacare, preventative care has been getting more focus from both the private and public health systems. With increased access to preventative care and encouragement to participate more proactively in health, we will see more startups able to help get in front of disease and focus on preventing illness before it becomes a problem.
– Alec Bowers, Abraxas Dynamics
6. Outpatient Monitoring
Health-tech startups will be more motivated by the Affordable Care Act to innovate outpatient health monitoring devices. The new law is causing a shift from a volume-based health care system, where health care providers are paid for the number of treatments they perform, to a value-based system targeting quality. Measuring treatment success will be vital given this shift.
– Phil Chen, Givit
7. Transparent Information
With a growing focus on health care costs and results and a whole new group of consumers entering the market, Obamacare creates an opportunity for those who can provide transparent information and decision-making tools to assist consumers and health care providers in making smart, cost-effective decisions.
– Marcos Cordero, GradSave, LLC
8. Better Insurance Matches
The marketplace nature of Obamacare will drive health-tech startups to help health insurance companies determine how to attract the healthiest participants and those living with chronic conditions find the best plans to manage their conditions. This will introduce a way for patients to confer with peers who can vouch for the best plans.
– Mary Ray, MyHealthTeams