Strategy
Advocate For Yourself: Empowering Family Offices, HNW Advisors in Healthcare Decision-Making
This is the tenth in a series about the ways HNW individuals should think about healthcare.
The following article, from Brian Dooreck, MD, president and founder of Executive Health Navigation, continues an examination of how the worlds of health and wealth cross over. The editors are pleased to share this content; the usual disclaimers apply. Email the editor to respond at tom.burroughes@wealthbriefing.com
Introduction
Healthcare is a critical aspect of life and, as medical
complexities continue to rise, advocating for oneself has become
more critical than ever. Family offices and high net worth
advisors play a crucial role in managing the wellbeing of their
clients, making it essential for them to understand the
significance of self-advocacy in the healthcare context. Over the
past five years, several news stories have shed light on the
importance of advocating for oneself to achieve better health
outcomes and navigate the complexities of the healthcare system.
This article explores the importance of self-advocacy and equips
family offices and high net worth advisors with the knowledge to
support their clients in healthcare decision-making.
1. Understanding self-advocacy in
healthcare
Self-advocacy in healthcare refers to actively participating in
healthcare decisions and communicating effectively with medical
professionals to ensure the best possible outcomes. It involves
knowing and asserting one's rights, expressing concerns, and
seeking the necessary information to make informed medical
treatment and procedure decisions. This practice empowers
patients to take control of their health, which can lead to more
personalized care and improved treatment adherence.
2. Recent news and case studies
Over the last five years, numerous news stories have highlighted
the significance of self-advocacy in healthcare and its impact on
patient outcomes. These stories serve as powerful examples to
underscore the importance of empowering patients to advocate for
themselves.
3. Personalized treatment and the rise of precision
medicine
In recent years, precision medicine has emerged as a
groundbreaking approach to healthcare. It tailors medical
treatments to an individual's unique genetic makeup, lifestyle,
and environment. Patients who advocate for themselves are more
likely to explore these cutting-edge treatments, leading to
better outcomes for rare or complex conditions.
4. The role of telemedicine during the
pandemic
The Covid-19 pandemic accelerated the adoption of telemedicine to
provide medical care remotely. Patients who actively advocated
for telemedicine options gained better access to healthcare
professionals and maintained continuity of care, particularly
during lockdowns and travel restrictions.
5. Navigating complex insurance systems
Health insurance systems can be difficult to navigate, even
for experienced individuals. News stories have highlighted how
self-advocacy helped patients better understand their insurance
policies, obtain necessary procedure pre-approvals, and
effectively challenge claim denials.
6. Empowering patients to seek second
opinions
Second opinions can significantly impact treatment decisions,
particularly for severe medical conditions. Patients who advocate
for themselves are more likely to seek additional input from
other medical professionals, leading to a broader perspective on
their health and treatment options.
7. The role of family offices and HNW
advisors
Family offices and high net worth advisors are critical in
managing their clients' wellbeing, including healthcare
decisions. Empowering clients to advocate for themselves in
healthcare is a powerful way to enhance their quality of life and
ensure that they receive the best medical care possible. Here are
some ways family offices and advisors can support their clients
in practicing self-advocacy:
8. Education and awareness
Family offices and advisors should educate their clients about
the importance of self-advocacy in healthcare and keep them
informed about recent developments in medical treatments,
technology, and insurance.
9. Access to resources
Access reliable healthcare resources and platforms that empower
clients to research medical conditions, treatment options, and
patient rights. This could include partnerships with medical
institutions, patient advocacy groups, and telemedicine services.
10. Collaborative decision-making
Encourage clients to actively engage with their healthcare
providers by asking questions, seeking clarification, and
expressing their preferences. Family offices can facilitate open
communication between clients and medical professionals, ensuring
that the client's voice is heard during healthcare discussions.
11. Supporting vulnerable populations
Family offices and advisors can play a vital role in advocating
for elderly or vulnerable clients' healthcare needs and ensuring
that they receive appropriate care and support.
Conclusion
Self-advocacy in healthcare is a powerful tool that empowers
patients to take control of their wellbeing and make informed
decisions about their medical treatments. Family offices and high
net worth advisors can play a pivotal role in supporting their
clients in this journey by providing education resources and
facilitating open communication with healthcare providers. By
advocating for themselves, patients can navigate the complexities
of the healthcare system and achieve better health outcomes in an
ever-evolving medical landscape.