Health Care Data Governance helps healthcare organizations but data governance can also help patients. One major way is patients finances. Data governance can help the patient be more financially responsible in their personal lives. Below we discuss some ways data governance for personal fancies can be practiced.
Patients SHould Budget
Budgeting is a good life skill to practice and it is also a useful skill to have when you have to pay for healthcare. Many patients have to pay huge sums of money out of pocket and this can be a huge financial burden. Budgeting properly can help patients put money aside to pay their monthly health insurance premiums and also be able to afford the co-pay when the need arises. Before patients make a budget plan it is helpful to understand how much they spend each month on various items. When patients track their spending each month they can know how much goes to what and they can know the best ways to budget some money for healthcare. They will also be able to identify areas where they overspend. Being more aware of their spending habits and making efforts to save towards their healthcare could prove great benefits for them. These days there are many apps that can help people budget better and also track their spending. There are also interactive apps that help you learn about finances as you go about managing your own finances and there are also investment apps that could help people invest a small amount of money regularly that could make a huge difference if they need to use that invested or saved money for healthcare purposes. It shouldn’t be so as healthcare should be free and accessible to all but that’s not the case and so individuals and patients need to make the most of their situation.
Patients Should Set Financial Goals
Having set financial goals will give individuals a cleare sense of what they want to achieve and will also make budgeting and saving easier. Having specific savings or budgeting goals will keep individuals motivated and will make them less likely to slack on their set goals. Patients goals could range from deciding to save for a trip or save to have an elective procedure etc. Whatever the goal it should serve as a motivatiing factor for being more financially aware and responsible.
Electronic and Automated Savings
In addition to budgeting apps, there are also apps that help individuals save money and the money is saved even before the individuals have access to it. These spending tracking apps can take a specified amount or percentage out of an individuals paycheck or out of their account each month and put it in a savings account that cannot be easily accessed. A trick is to not have a debit card for your savings account. This kind of automated savings goes a long way to keep individuals on check and control their impulse to spend all the money they have.
If an individual or a patient has a huge medical expense or bill, getting a side job can be a way to make more money and help alleviate the finaicial burden. These days with the rise of short-term work there are lots of side hustle, short-term, or freelance jobs that people can take to make complementary income. A side hustle could be babysitting, dog sitting, doing small task etc or it could be taking on a second job part-time or doing jobs on the internet like writing, taking surveys, building websites (if you have the skill) etc. The extra cash can really add up and help you save towards those short-term goals like paying off medical bills or being able to afford a better health insurance and that money goes towards paying the premium.
Think Build Picture
Having to worry about health bills should not be an issue for anyone but that sadly is the case. Individuals can prepare themselves finaicially for any future health expenses and health bills by planning for the big picture. Big picture goals could vary. It could be being able to afford a better insurance plan, being able to pay out of pocket for any medical bills and expenses, being able to go to a better hospital with more skilled doctors and nurses etc. Hvaing a big picture goal will help individuals make better financial and spending choices. Before individuals make any purchase they should think and ask themselves where there are in their long-term goal and big picture plans. How far do they have to go (and would that purchase affect your journey). Individuals should as themselves how much value they will get from the purchase. These are questions that everyone should ask themselves whether they have big picture goals or not. It will go a long way to reduce excess consumption and impulse purchaseing. I know being more mindful of how I spend will sure help me save better and be more fianicially responsible.
Make decisions with vision
Stick to a List
In addition to making a budget, individuals should learn to stick to plans and lists. If you need to go shopping, make a list and stick to that list. Being more mindful while shopping will help curb excessive spending and implus purchases. Making a list is a good way to keep you grounded and also it is a good way to track your spending and keep you accountable. We all are more likely to fall into the trap of impulse purchases if we don’t have a list. If you make a conscious and intentional list of the items you need before entering the supermarket or department store, you less likely to try to rationalize an impulse purchase.