Healthcare innovation

: challenges and strategies for developing a financially sustainable health insurance product for the senior market in collaboration with AdvanceCare

Abstract

The Portuguese national health system is strained, causing many individuals to turn to private healthcare. About 20% of the population in Portugal has private health insurance, indicating a market gap for lower-income individuals, especially older people who struggle to find affordable coverage (OECD, 2022). AdvanceCare, a Portuguese healthcare company, provides services and health insurance policies and manages health insurance services between various insurance corporations, clients, and service provider. They aim to develop a health insurance product specifically tailored to the needs of individuals aged 65 and above. This thesis analyzes business opportunities and potential innovations for AdvanceCare in offering such a product. A preliminary framework, which was developed during the project in collaboration with AdvanceCare during September 2022 and January 2023, the "solution layer framework," guides the analysis based on literature and research. The analysis suggests potential in adopting a Preferred Provider Organization (PPO) model, introducing a family policy, and utilizing telehealth and digital services to reduce costs and expand coverage. These strategies address the challenges faced by elderly individuals in accessing affordable healthcare while improving services.

Date of Award	22 Jan 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Rute Xavier (Supervisor)