Healthcare costs will rise by an average of 5.5% per year over the next decade, growing from $3.5 trillion in 2017 to $6 trillion by 2027. Undoubtedly, cost of care containment strategies continue to dominate conversations across the industry.
Whether healthcare professionals are planning for an international health outbreak, implementing large-scale care management programs, or simply directing consumers from the ER to office visits, healthcare entities have tried numerous methods to reduce, or at a minimum, maintain healthcare costs.
In our last panel, Sue Knudson (Chief Informatics & Health Engagement Officer at HealthPartners), Troy Simonson (Chief Executive Officer at Twin Cities Orthopedics), and Chris Cronin (Chief Executive Officer at MOBE) shared their perspective on cost of care pre- and post- COVID and future implications of value-based care partnerships.
By this point, we are well aware of the negative aspects of the COVID-19 pandemic, but there are some positives also. Thankfully, the healthcare industry can point to a few silver linings:
Virtual visits aren’t a new concept, but COVID has distinctly accelerated their adoption and appeal.
We see several unique partnerships, surprising alliances, and new methods of operation across the healthcare industry.
Cost of care is a longstanding conversation in the healthcare industry. Despite all the downsides of COVID, it has positively impacted transparency in cost of care, increased the pace of change in healthcare, and accelerated consumer interest in telehealth and basic public health measures. We hope the pandemic will continue to encourage people to refocus on their health, educate themselves, and sustain healthier lifestyles to reduce care costs in the future.
TCO Reports Significant Reduction in Opioid Pain Medication Prescriptions. Twin Cities Orthopedics surveyed and tracked 3,000 patients’ prescriptions counts, satisfaction levels, and disposal habits of unused pain medications to develop findings to reduce opioid reliance following an orthopedic procedure.
2020 Chronic Care Action Index. In partnership with YouGov, MOBE commissioned a study to ask consumers and healthcare providers across the country what’s standing in their way when it comes to improved outcomes and what factors would put them on the road to better health.
Telehealth Company Amwell Spikes in Public Debut with Outsized $742M IPO. Telehealth provider Amwell went public during the pandemic and saw a stock spike of 42% on the first day of trading.
Pivot Podcast: Tesla’s “Battery Day,” the DOJ prepares for Google, and Scott’s prediction on “algorithmic e-commerce.” Pivot Podcast co-host Scott Galloway predicts Walmart and TikTok could introduce a new field called “algorithmic commerce,” which goes from one-click shopping to zero-click shopping. Healthcare could similarly preempt patient needs.
We sat down with Jim Eppel to celebrate his retirement and gain insight from his career in healthcare.
Truly understanding your core business is a tenet for any company—but especially for healthcare payers. Health is central to their name...