Rethink Aging

Rethink Aging

Reading time: about 3 min

Summary  

This regards re-framing of society's view of aging to encompass healthy aging, as the number of adults over the age of 65 is set to double by mid-century. While the addition of an average of 20 years to life expectancy since 1960 is cause for celebration, most of those extra years are lived in poor health, leading to dependence and care needs. There is a possible shift that would not only improve the quality of life of older adults but would also increase social and economic contributions while potentially reducing long-term healthcare costs. The six shifts would include investing in the promotion of healthy aging, improving measurements of health and gathering better data, scaling interventions proven to promote healthy aging, reinventing healthcare delivery models, catalyzing a new social contract for aging, and unlocking productivity and engagement for the aging workforce.   

Chart from McKinsey & Co article. Click on the image for the complete article or below.

Predictions & Opportunities  

Implementing these shifts could lead to a step change in healthy aging across the four dimensions of health, resulting in older people enjoying a higher quality of life, increasing social and economic contribution, and potentially reducing long-term healthcare costs. By investing in preventative measures, improving measurements of health and data, scaling proven interventions, innovating health systems, increasing access to care, and building cross-sector collaborations, it may be possible to address the challenges of an aging population and unlock the potential of healthy aging globally.  

The aging healthcare opportunity mirrors several CMS strategic pillars; expanding healthcare access, advancing continued equity, driving person-centered care innovation to tackle aging needs, and maintaining responsible stewardship of future programs. CMS policymakers, technologists, and leadership will need to consider how to address the challenges and opportunities presented by these trends. Here are a few opportunities:  

• Increased demand for services: As the aging population grows, there may be an increased demand for CMS services, including Medicare and Medicaid. This could place a strain on the agency's resources and require additional funding to meet the needs of beneficiaries and reduce the burden on the industry. This requires focused and dedicated CMS long-term planning to evaluate new systematic solutions and strategies. 
• Shift towards home-based care: The shift towards home-based care could lead to a reduction in the number of beneficiaries who require institutional care. This could potentially result in cost savings for CMS and drive new planning, innovation and partnerships for care at home.  
• Focus on preventive care: With a growing emphasis on preventive care, CMS may need to expand its coverage of preventive services, including screenings and wellness visits, to ensure that consumers receive the care they need to stay healthy.  
• Increased use of technology: The use of technology in healthcare, such as telemedicine and remote patient monitoring, could increasingly help to improve access to care for consumers in rural or underserved areas. However, CMS will need to develop policies and guidelines to ensure that these technologies are used appropriately and safely.  
• Greater emphasis on value-based care: As healthcare costs continue to rise, CMS may shift towards value-based care models that reward providers for delivering high-quality, cost-effective care. This could involve changes to reimbursement models and incentives for providers to improve patient outcomes and equity.  
• Need for workforce development: As the healthcare landscape evolves, CMS may need to invest in workforce development to ensure that healthcare providers are prepared to meet the needs of an aging population. This could involve training programs for new and existing healthcare professionals, as well as support for innovative models of care delivery. 

For the complete article: https://www.mckinsey.com/mhi/our-insights/living-longer-in-better-health-six-shifts-needed-for-healthy-aging