Monday, April 10, 2017

Technology is the Biggest Influencer in Reducing Health Care Costs


  • Health care economists estimate that 40-50% of annual health care cost increases can be linked to new technologies or the increased use of old ones. Consequently, the control of technology is one of the most important factors in reducing the price of medical services. 
  •  Millions of American consumers had their first video consults in 2016, were prescribed by their first health apps and used their smartphones as diagnostic tools for the first time. This increased access to healthcare at any time and in any place is expected to change consumer expectations and fuel innovations. 
  • Approval of ‘novel new drugs’ has jumped significantly in recent years. Many of these FDA approved pharmaceuticals are designated as breakthrough therapies because clinical evidence indicates that they may ‘substantially improve at least one clinically significant endpoint compared with other available therapies. 
  •  Behavioural telehealth visits are expected to increase access to and the convenience of health care services. In 2014, more than 100,000 U.S. veterans had behavioural telehealth visits at local community-based clinics. These visits were shown to reduce psychiatric admissions by 24%. 
  • Care delivery will also change in the coming years. ‘Bedless’ hospitals and virtual care centres – which will provide services to many patients in remote locations – will drive a move towards alternative payment methods and new database tools, increasing access to healthcare.

    Given many people’s lost faith in the government to improve the quality and cost of healthcare, as well as access to medical services – magnified by extreme societal inequality – do you think that we now have to rely on technology to achieve consumer expectations

    http://www.hhnmag.com/articles/7641-technology-biggest-influencer-of-health-care-costs

5 comments:

  1. Our healthcare system is significantly flawed and large changes will need to be made to even begin to fix it. The increase in technology will help create a more convenient access to health care system for all. Technology has to be an avenue we consult to help achieve the consumer expectations.

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  2. I agree with Brad. Improving technology is the only way that we can expect to supply affordable and quality health care to everyone that needs it. There is a lot of inefficiency in health care that leads to lost time, wages and lives.

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  3. Healthcare is easily one of our biggest issues in the United States and it needs change.

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  4. The healthcare market doesn't behave like other markets. The majority of the time we do not know what we are paying for, and when we will need coverage. I believe this is what makes competition so difficult in healthcare.

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  5. Although technology is costly, improving it will make healthcare more efficient. Like Tommy said, healthcare is a significant issue in the U.S and technology may be an exemplary way of alleviating the pains and struggles of the current healthcare system.

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