Five Strategies for Reducing Waste in the U.S. Healthcare System
According to a recent report from Thomson Reuters, over the next ten years, the U.S. healthcare industry could eliminate over $3.5 trillion in waste by addressing some serious operational deficiencies. This report’s high visibility within the medical industry will undoubtedly make waves throughout the medical equipment industry as well.
Reducing waste in the healthcare system will do more than cut the cost of health-related services and change the way medical care is delivered; it could also help reduce the cost of health insurance and improve the quality of patient care.
The study illustrates some key methods for incorporating “best practices” into the healthcare industry’s organizational structure, with a goal of cutting waste by up to 5 percent each year over the next decade.
The strategies proposed in the Thomson-Reuters report include:
* Engaging consumers in discussions with caregivers so they understand both the risks and value associated with certain treatment options
* Manage disease and promote wellness by encouraging patients to remain actively engaged, along with their doctors, in all aspects of maintaining good health, including personal behavior, early detection, disease prevention and seeking appropriate care for chronic illnesses.
* Coordinate care by ensuring providers have access to a patient’s complete medical history, in order to avoid inappropriate treatment and/or duplication of tests. This can be done by through enterprise-wide electronic medical records and corresponding medical equipment upgrades.
* Reduce fraud using computerized systems that will track data irregularities, breaches in payments, duplication and misuse of Medicaid funds.
* Improve patient safety and the quality of care by reducing preventable medical errors using evidence-based “best practices”, safer medical equipment and better-trained staff.
Reducing waste in the nation’s healthcare system is dependent upon the industry’s readiness to identify and broadly implement measurable strategies across the medical community.