How to stay smart about the health care industry

It seems that with each day comes a new wave of health care related news, and the biggest recent story involves Amazon. We know they sell everything from gardening supplies to diet gummy bears, but can we really expect prescription drugs to be delivered next/? While it may be too soon to expect free two-day shipping on your medicine, there’s no doubt that Amazon’s recent $1 billion purchase of the online pharmacy, PillPack, signals a significant shift in the health care industry. It’s more important than ever to stay educated about all health care matters.

In a highly regulated industry where failure to comply with a new state and federal laws can mean hefty fines, we should expect the upcoming years to remain tumultuous. In 2017, America’s total medical costs hit a new record of $3.4 trillion, due in part to our health care system and the current economic climate. These facts highlight that health care is always changing and that it is essential that brokers, employers and individuals stay up to date. But the question is, how do you do so?

Reading the right news

In our 24-hour news cycle, we are bombarded with a ton of content and news stories, so we need to decide what’s worth remembering—or not. Whether it’s a magazine or an old fashioned newspaper, finding yourself an unbiased news source is an important first step. When a new regulation is introduced that you disagree with, failure to comply won’t stop a government entity from issuing a fine.

For example, individuals who got too excited about the removal of the Affordable Care Act penalty and decided to immediately drop their insurance were in for a bad surprise, as the new reform doesn’t actually start until 2020. This is a clear example of what can occur when you don’t read thoroughly and the consequences that can follow.

Using social media

The advantage that social media has over traditional news sources is the ability to post breaking news as its happening. Every news source should have a Facebook or Twitter presence. If scrolling through your newsfeed and watching cute dog videos is already a part of your daily routine, following reputable news sites will aggregate all that info for you in one place (and insert a few cute corgis along the way, too).

Related: 5 easy-to-implement social media strategies for busy brokers

Social media sites are a perfect example of how an individual can stay well informed. The breaking news about that new health care mandate you saw on Twitter will then be turned into a full length article. When used in conjunction with those types of articles, social media paints a much clearer picture of what new law or reform just occurred versus making assumptions from a headline. The downside to social media is that you’re more likely to run across sensationalized posts with edgy headlines.

Daily newsletters

Newsletters are another great way to stay informed about events and happenings within a specific industry without being too disruptive. Sign up via email and read while you sip your coffee or during your daily commute — unless you’re driving of course.

Most daily newsletters are also written in a style that provides you with short bursts of condensed information. When you don’t have time to read a five-page article, a two-paragraph newsletter blurb can still give you a sufficient amount of information.

Health care is complex; that’s a given. But staying educated and finding a partner that specializes in health care compliance, legislation and regulation is the best way to ensure you and your partners are never left in the dark.