The Affordable Care Act (otherwise known as Obamacare) has changed the lives of millions of Americans and provides coverage for more than 10.2 million citizens. However, the effects on industries and companies are just as great — if not more — than on individuals. Companies ranging from healthcare providers to Big Data analytics firms have had to change how they operate or risk becoming obsolete. This infographic by the University of Southern California explains how these companies have changed.
Historically, Americans were limited to private healthcare companies and oftentimes chose whatever their employer used. This is still a common practice today for many Americans. This limits where they’re able to receive treatment as it’s too expensive to visit out of coverage doctors. However, the Affordable Care Act made it possible for consumers to compare coverage on a state, federal, and mixed exchange to decide what plan was ideal for them. These exchanges also worked to provide information to Americans, instead of keeping them in the dark about what plans offered and what was paid for in the plans.
This meant marketplaces were competitive because they were working with individuals instead of major companies. Because of that, they started offering a flood of new services to incentivize people to choose their plan. These plans include offerings that result in lower costs, wellness plans, and long-term programs designed to reduce smoking and live healthier lifestyles. Essentially, healthcare companies began to think about keeping costs to both parties down by including items that help people stay healthy. Check out the infographic below to learn more.