Strategy

Advocate For Yourself: Empowering Family Offices, HNW Advisors in Healthcare Decision-Making

Brian Dooreck December 20, 2023

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.

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