BOSTON, Sept. 9, 2021 /PRNewswire/ -- Despite an ongoing shift toward a more patient-centric healthcare model, patients today still struggle in navigating the healthcare system, according to Lux Research, a leading provider of tech-enabled research and innovation advisory services. Healthcare systems in many countries have become more complex and confusing as a result of increasing expansion and specialization in recent decades, and patients are almost wholly responsible for seeking solutions for their own healthcare needs. The challenge is made more complex by patients having to coordinate finances, transportation, and the impact a health condition may have on their personal and professional life. Furthermore, the problem has been exacerbated by COVID-19, as healthcare providers are more inundated than ever before.
Lux's new report, "Seeking New Business Opportunities by Identifying Gaps in the Patient Journey," delves deep into the patient journey to understand why patients face these challenges despite the existence of new and emerging technologies to address them. Lux identified three major challenges confronting patients on their healthcare journey and two main areas of concern within each challenge:
Affordability: Being able to afford out-of-pocket (OOP) costs
Transparency: Understanding what one is covered for and how the hospital billing is done
Logistics: Distance to the nearest facilities is a barrier to access
Delivery: Lack of quality, specialty care, and/or medical equipment
Healthcare system: Understanding how to navigate the system
Personal health: Lack of knowledge and/or tools for patients to manage their condition
"Despite the existence of new and innovative technologies in healthcare, patients continue to face challenges," asserts Nardev Ramanathan, Ph.D., Senior Analyst at Lux Research and lead author of the report. "While many new and emerging technologies exist along the patient journey, ranging from digital therapeutics to health insurtech, patients continue to struggle to find the right healthcare solutions for themselves and their loved ones because most solutions today are still point solutions and address specific parts of the patient journey."
Lux examined real-world case studies from around the globe to understand how healthcare organizations are developing more holistic solutions by identifying gaps in the patient journey. Among the key findings from researching these case studies is that nontraditional players in the healthcare space can play a crucial role in supporting healthcare organizations in the development of more holistic solutions. Additionally, based on these case studies, Lux developed a three-step methodology that allows both incumbent healthcare players and those looking for an entry point into the healthcare industry to seek new business opportunities by identifying gaps in the patient journey. Download the executive summary of the report to learn more.
About Lux Research Lux Research is a leading provider of tech-enabled research and advisory services, helping clients drive growth through technology innovation. A pioneer in the research industry, Lux uniquely combines technical expertise and business insights with a proprietary intelligence platform, using advanced analytics and data science to surface true leading indicators. With quality data derived from primary research, fact-based analysis, and opinions that challenge traditional thinking, Lux empowers clients to make more informed decisions today to ensure future success.