How can healthcare advisers prepare for the future?
The healthcare landscape is changing rapidly.
Virtual consultations, chatbots, personalised care, wearable technology, and AI analysis are transforming the sector.
And financial advisers in this sphere need to adapt.
They need to convey changing trends and digital advancements to a new generation of medical aid clients.
The financial adviser of the future is both charismatic and a complete technological genius.
Smart solutions are transforming healthcare
Professional services firm EY describes the future of healthcare as a world where “data and technology drive newer care, better care – care that is more human”.
While this future is increasingly within reach, the video narrator asks: “are we ready for it?”
The future of healthcare is a world where data and technology drive newer care, better care – care that is more human. While this future is increasingly within reach, are we ready for it?
The reality is that, in this realm of new-age healthcare, smart solutions will soon be able to transform the lives of patients.
- Implanted nanobots will sequence emerging cancer cells, detecting illness before symptoms occur. A personalised drug with the fewest side effects can then be prescribed for that particular patient.
- Ambient sensors in an asthma patient’s home and a smart patch that monitors breathing activity (related to things like pollen, pollution, and air temperature) will alert patients to use their inhaler before leaving home in the morning.
- Novel joint implants will be printed from a patient’s own cells, precisely replicating their original hip or knee. Such implants will sync with a tailor-made, AI-coordinated physiotherapy programme, resulting in less discomfort and faster post-operative recovery.
Financial advisers in the healthcare space will, therefore, need training in these cutting-edge technologies so they can explain them to their clients before they decide which medical aid plan is the most suitable.
Where AI, healthcare, and advice meet
According to healthcare entrepreneur Amber Nigam, leaders in the space will need to proactively embrace trends and adopt those that are favourable into their organisational offering.
He writes for Forbes that this should ideally involve:
- Exploring transformative technologies, such as AI, telemedicine, and IoT (the Internet of Things, such as smart monitoring devices);
- Building collaborative ecosystems that bring together those paying, those providing, and tech vendors to create increasingly cohesive and efficient products;
- Prioritising patient-centred care, leading to improved treatment and outcomes post-surgery as well as better patient satisfaction, since costs remain affordable but innovation rates soar; and
- Remaining within regulatory parameters while at the same time gaining a strategic edge over industry competitors by never backing away from the latest digital challenge.
The new big-brained financial adviser role
In South Africa, financial advisers must follow the trajectory of the Financial Advisory and Intermediary Services (FAIS) Act, which protects consumers and ensures that advisers act with integrity and ethics at all times.
Essentially, the role of a financial adviser has been to help clients secure their financial futures by facilitating an investment in products that help them achieve their financial goals.
When it comes to medical aid, your chosen financial adviser should also help you decide on the best product for your unique health requirements (and those of your dependants) while ensuring that contributions remain affordable (and, ideally, do not exceed 10 per cent of the main member’s monthly income).
From a global perspective, the Independent Advisor Alliance suggests that for financial advisers to stay ahead of industry peers, they will not only need to remain compliant and stay knowledgeable of regulatory changes and fiduciary standards, nor simply provide digital-first experiences that draw in the device-bound younger generation.
Going forward, financial advisers of the future will need to understand the finer automated details of the products on offer in the marketplace. In this way, each of their clients will be able to enjoy:
- A hyper-personalised experience where matters of environmental, social, and governance (ESG) investing are considered at every turn; and
- Added value from collaboration with healthcare professionals, synchronisation with wellness platforms, and the fresh knowledge gleaned from invigorating courses, workshops, and webinars.
Financial advisers of the future will need to provide a hyper-personalised experience, integrating ESG considerations and ensuring added value in healthcare services.
Medihelp’s future-focused innovations
At Medihelp, we believe it is essential for our clients to choose an accredited financial adviser who is committed to helping them and their dependents succeed, regardless of any health-related challenges or new technology the future may bring.
We also believe that innovation is the key to success in an ever-changing world.
These are a few digital advancements our members already enjoy or can look forward to:
- An electronic consumer record, encompassing digital touchpoints and machine learning that allows case managers to provide expert managed care, monitor chronic care compliance, and identify key intervention points;
- A home monitoring app, available to eligible members, that utilises groundbreaking technology to measure vital signs in real time; and
- Virtual consultations that members can book via the Member Zone, our user-friendly self-service platform, for expert advice in the comfort of their home.
Loading ...
