Healthcare, while critical and needed is also very big business. According to Insider Intelligence reports from January of 2023, the US national healthcare expenditure is estimated to reach $6.2 trillion by 2028 (up from around $4 trillion today), per the Centers for Medicare and Medicaid Services. In an industry made up of traditional providers like insurance companies, hospitals and other healthcare providers, it is primed for disruption. One of these disruptions will be home-based healthcare provided by doctors and nurses and it is actually happening right now.
A McKinsey report from February 1, 2022 stated that up to $265 billion worth of medical services for Medicare fee-for-service and Medicare Advantage beneficiaries could shift to the home by 2025. Why the shift? People who are 65 years old and above are going to make up 20 percent of the U.S. population by the time 2030 rolls around. About a decade after that, this population is expected to double and consist of more than 70 million people. This means there will be more elderly people living throughout the U.S. than ever before. And with several trends like dying in place, elderly mobility issues, and insurance companies supporting the home doctor visits (lower costs), this shift will be accelerating.
In order to better understand what’s involved with this shift, we looked for entrepreneurs creating homecare focused startups and we found one…in Rome, Italy. What follows is an interview with one of the co-founders, Dr. Andrea Guerriero of MedinAction, which is located in Rome but the company is already serving all the major cities in Italy and Spain and expanding quickly to other countries in Europe. MedinAction is a healthcare services provider that provides English speaking doctors and nurses for house/office visits and online medical consultation for expats, international people working abroad, students studying abroad and vacation travelers.