Insider News: Nov. 7, 2019

In today's Insider News we have some interesting articles on physicians and prior authorization, how younger generations are skipping health care to save for homes, and why tech companies shouldn't dismiss consumers over 50.

Surveys show physicians consider prior authorization to be their top health care challenge

The Medical Group Management Association (MGMA) asked physicians their thoughts on the prior authorization process and found that:

• For 83% of respondents, prior authorization for medical services was their number one burden. 
• 90% said that the process is getting worse.

MGMA also stated that, of last year's 182 million prior authorization transactions, 51% of them were done manually, such as by phone, fax, or mail. Only 12% were fully electronic.

Younger generations skip healthcare, insurance to save for homes

A Zillow Group report shows 71% of Millennial and Generation Z home buyers made at least one financial trade off to fund their home purchase. For example, 13% of Millennial and Gen Z home buyers skipped health care services, compared to 8% of Gen X buyers and 3% of older buyers. Younger buyers are also more likely to reduce or cancel some type of insurance coverage to save money for a home purchase. 

Connected Health panel warns tech companies not to dismiss consumers aged 50 and older

Joseph Kvedar, VP, Connected Health, Partners HealthCare, said companies offering new technology may not market to consumers over the age of 65, or even 55, believing "they won't get it." But organizations that dismiss those over a certain age are missing a viable market, he added.

Louise Aronson, professor at UCSF Division of Geriatrics and author of Elderhood, said anyone who doesn't have the 50-plus market in mind is missing out on 61 cents of every dollar.  She explained aging is not just about increasing the lifespan, it's about increasing the health span.

Debra Whitman, chief public policy officer for AARP, said the social question of our time is life and time equality, which is rarely discussed. She noted people don't want to just live longer; they want quality of life and control over their own lives.