Business of Health Care: Bending The Cost Curve Down

Apr 26, 2019

Each day, more than 1,500 Americans file for bankruptcy due to medical bills. The United States spends far more on healthcare per person than any other developed nation. These are familiar talking points to those who have followed the healthcare debate over the past decade. 

Although its been at the top of the list of concerns of Americans for some time, the question remains, how do we bend the cost of healthcare down?

To answer this question, many of the nation’s leading healthcare systems have undertaken a wide range of initiatives both on the business and the patient care side of healthcare.

On the business side, creating operational efficiencies is essential. 

That means reducing redundancies and standardizing processes and systems, including information technology platforms, supply chain and purchasing, and pharmacy inventory to name a few. 

Doing so can eliminate millions of dollars of waste and unnecessary costs each year, while actually supporting the delivery of safe, quality care. 

On the patient care side, putting an emphasis on prevention and wellness is a major key to keeping more costly medical conditions at bay. 

That means giving patients the knowledge and ensuring they have the tools they need – whether its medication or a readily accessible care professional – to manage their health outside a clinical setting. 

Effectively managing costs is the right thing to do for the future of healthcare, but more importantly, it can make care more affordable for the people the industry exists to serve.