The future of many industries is fascinating and highly promising. Of course, health care is no different when it comes to cutting edge treatments and technologies. One of the most exciting emerging areas of healthcare is called precision medicine or personalized medicine.
Precision Medicine Defined
According to the Precision Medicine Initiative, precision medicine is “an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person.”
These emerging attitudes to individualized prevention and treatment tends to contrast a ‘one size fits all’ approach that has been prevalent in modern medicine. Instead, personalized medicine focuses more on the individual and how a number of different factors could impact the severity of their condition, how to treat it, and of course – how to prevent the disease entirely.
Even though the technologies and terminologies that come along with precision medicine are relatively new, the concept behind it is nothing new at all. The perfect example is matching a patient who needs blood with the proper donor. The future of precision medicine simply applies this concept, while adding several layers of individual care tailored for the patient and his or her needs.
What does it mean for Medical Stop Loss Insurance?
Precision Medicine has the possibility of saving many lives by treating a patient’s specific condition much more quickly than ever before possible. If a self-funded employer puts paying for precision medical treatment into their employee healthcare plans, the need for extremely high cost catastrophic claims could be avoided.
For instance, cancer treatment has not seen a whole lot of advancements through the recent years. With precision medical care, a patient could take some gene tests provided by a healthcare professional that are specifically meant for that particular patient’s DNA. The patient’s doctor is able to identify a unique gene mutation that they might not have found otherwise.
The doctor or medical provider then comes up with a treatment plan that is specific to the patient and their unique form of cancer, and thusly is able to attack the cancer more effectively. Not only could this help save the patient’s life, but it could also result in tens of thousands of dollars in savings that the self-funded employer would otherwise have to fund him or herself. This scenario is just one example of the many ways that precision medical care can not only be life-saving for employees and patients but also save employers a significant amount in the long-term.
The Future is Bright
We are excited about the future possibilities of precision medicine, because we love to see our clients get the most out of their self-funded medical stop-loss insurance here at Prodigy. Naturally, this includes embracing scientific advances and emerging medical technologies like precision medicine. Even though the research on precision medicine is limited, it is still promising If you have any questions about how medical stop loss insurance can help protect your business from abnormally high claims, contact us any time.