Healthcare Savings: Managing Cancer Costs in the Digital Age
These days, the population is living longer – and more people tend to develop cancer over time. Unfortunately, this means rising healthcare costs at a time when the world economy is showing signs of weakness. More and more people are faced with the decision of paying for medicine or paying for other basic expenses (like food or housing). This is an unfortunate part of the reality of today’s economy.
For many of these reasons, digital healthcare communities have started to show important signs of development. Those of us with family members suffering from cancer and other debilitating illnesses can understand how important it is to have a support group. Money Investors that wish to find ways to reduce medical bills (and keep the family safe), can look to other areas of the market.
Specifically, conservative Money Investors can look to the concepts of digital health communities, cryptocurrencies, and blockchain technology for better answers.
Rising Cancer Costs
Since the financial collapse of 2008, many workers have exited the labor force – and this can make it more difficult to pay for medical bills once accidents or emergencies arise. This difficulty in paying for medicine becomes more pronounced whenever patients encounter terminal or chronic illnesses (like cancer).
Over the last 50 years, we have seen substantial increases in the medical costs associated with cancer illnesses. Toward the right end of this market price chart, we can see that the costs for individual cancer drugs have skyrocketed over the last two decades. This is also reflected in the median monthly prices paid by cancer patients (per five-year period).
Digital Health Communities
Historically, one of the best sources of market disruption has come from the combination of improvements in technology and growing interconnection in social communities. This was true long before the advent of Facebook, Twitter, and other social network applications. This is a trend that has been in place for most of human history.
The social networks of the future will be an extension of these historical tendencies, and digital assets will likely be the way those social networks are funded. For long-term Money Investors, this offers better ways to cut medical costs and grow savings over time. The newest innovator in this space is blockchain technology used to help patients keep track of their medical data across providers.
To get a sense of why these developments are so important, we must first gain some long-term perspective in cancer trends for the population as a whole. As an aging population progresses both within the United States and around the world, the number of cancer cases is expected to increase from 14 million to 21 million by 2030 (a rise of 50%).
At the same time, the number of global deaths related to cancer is expected to rise from 8 million to 13 million (an increase of 60%). These increases represent a significant need in the patient market, and medical innovators are now needed to disrupt these entities.
Blockchain: Improving Patient Care
Fortunately, these growing needs are being met by digital health communities disrupting many of the conventional approaches to patient care.
The platform encourages social interaction and productivity, where patients and caregivers have the ability to collect user incentives and connect with patient advocates dietitians, behavioral therapist, genetics, financial counselors.
Money Investors of any age should take note of the developments here, as debilitating illnesses can occur in any demographic. As we age, the risks increase – and many of the traditional insurance policies are insufficient in meeting many patient needs. This can quickly bankrupt a household’s savings accounts.
Social communities are moving forward to solve many of these problems – both in terms of paying for cancer treatment and in improving patient record-keeping. These are strong positives that have not been available previously, and these types of innovation in healthcare will continue to improve the outlook for patient treatment in the years ahead.