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Patients Seek Pricing Transparency in Their Healthcare Costs

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Earlier this month, we looked into the topic of healthcare pricing transparency, and discussed why its relevant.

Today we dive into how pricing transparency affects our healthcare decisions and costs.

The average consumer, consciously or subconsciously, price shops on a daily basis — checking out which gas station has the cheapest price per gallon, which grocery store has the most affordable produce, and which Amazon wholesaler has the cheapest gadget.

But when it comes to our healthcare, that’s an entirely different ballgame.

The unfortunate truth is that consumers in the United States do not necessarily know the cost that they pay for healthcare because those financial implications by insurers and providers have historically been kept under wraps.

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Transparency in Healthcare: A Growing Concern for Consumers & Employers

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Price transparency is the ability for consumers to access provider-specific information on the price of healthcare services – including out-of-pocket costs − regardless of the setting in which they are delivered.

But healthcare does not operate like other industries – consumers do not necessarily have access to the price of services.

Costs for the same exact medical service can vary significantly from provider to provider; it is challenging for consumers to ascertain information in order to compare providers based on two important factors: price and quality.

Making insights on healthcare prices and quality obtainable will help consumers compare costs, choose physicians who truly have high value, as well as plan for the financial implications. This will also support policymakers to hold healthcare providers accountable for creating appropriate prices.

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IoMT’s Impact on the Future of Healthcare

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Even though the healthcare industry has been slower to embrace Internet of Things than other industries, the Internet of Medical Things (IoMT) is positioned to reshape how we keep people safe and healthy, particularly as solutions to lower healthcare costs is on the rise.

Allied Market Research predicts that the IoT healthcare market will reach $136.8 billion worldwide by 2021. There are over 3 million medical devices in circulation that are connected to and monitor patients to influence healthcare decisions.

Wearable devices and the decreasing cost to produce sensor technology are largely responsible for this impressive growth. Also, chronic diseases are on the rise, so advanced treatment options and reducing healthcare expenditures makes it even more alluring to utilize newer innovations.

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Internet of Medical Things (IoT): The Vast Impact Inside & Outside of Hospital Walls

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A patient’s heart monitor sends an alert to a physician that her arrhythmia is back.

A senior forgets to take their prescribed medication on time, and a devices helps remind them to take it and also documents what time they took it.

 A man’s implanted device monitors blood glucose symptoms and delivers a corrective insulin stimulus, alerting the physician simultaneously.

All of these examples are the epitome of the “Internet of Medical Things” (IoMT). The Internet of Medical Things refers to an ecosystem of medical devices and applications that collect data that is then provided to healthcare IT systems through online computer networks. Wi-Fi enabled devices are a catalyst for machines to communicate and link to cloud platforms for data storage. The “Internet of Things” (IoT) has influenced several industries, and the healthcare field is no exception. The medical industry across the board has gradually started to enter the integrated world of IoT.

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Preventing & Reducing Healthcare-Associated Infections (HAIs)

HAIsHealthcare-associated infections (HAIs) are infections that patients acquire while receiving treatment for medical or surgical conditions. Earlier this month in our blog, we took a look at HAIs and how they are transmitted. In this post, we will cover insights on how to best prevent and reduce HAIs.

Precautionary Measures

Immune systems are oftentimes weakened upon being admitted to the hospital due to the illness patients are facing. Patients are in a compromising position to battle additional challenges, due to infections generated within the healthcare facility walls. In 2014, an estimated 17.8 million visits to physician offices were due to infectious and parasitic diseases.

Programs that have been successful in reducing HAIs generally focus on improving multiple interventions, such as hand hygiene, use of contact and other precautions, active screening, and vigorous decontamination rather than relying on a single approach.

Examples of best practices by a healthcare provider include careful insertion, maintenance, and prompt removal of catheters, as well as the careful use of antibiotics.

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A Look Inside the Expanding Landscape of HAIs

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Health care-associated infections (HAIs) are infections that patients acquire while receiving treatment for medical or surgical conditions, and many HAIs are preventable. HAIs can occur in a number of health care facilities, such as acute care hospitals, ambulatory surgical centers, outpatient care e.g. physicians’ offices and clinics, dialysis treatment facilities, and long-term care facilities e.g. rehabilitation centers and nursing homes. HAIs can be caused by bacteria, fungi, viruses, or other pathogens.

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How to Integrate Value-Based Care into Your Practice

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Transitioning from the traditional volume-based to value-based payment and care delivery models in health care has been one of the most significant industry-wide efforts during recent years. However, the speed of adapting this new model has been slow. For instance, in a 2016 survey of executives at provider organizations, 94 percent indicated that they are on the path to value-based care, but only 27 percent have finished pilots or are in the process of implementation.

Physicians play a substantial role in delivering value-based care so it is certainly worth investing time and energy to understand how they can help move the organization in the right direction.

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ASCs Bring Extra Value in Value-Based Care

Value-Based Care

Value-based healthcare is a delivery model in which providers are compensated based on patient health outcomes. Under value-based care agreements, providers (including hospitals and physicians) are recognized for helping patients improve their health, reduce the ramifications and incidence of chronic disease, and live a healthier lifestyle in an evidence-based process.

Value-based care is different from a traditional fee-for-service (FFS) approach. FFS providers are paid based on the amount of healthcare services they deliver. The “value” in value-based healthcare is derived from measuring health outcomes against the cost of delivering the outcomes.

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#AskAuxo: Medical Equipment Maintenance Q&A

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All month long, we have been focused on the importance of medical equipment maintenance. For this #ASKAuxo blog post, we wanted to dig a little bit deeper. We asked an expert about the fundamentals of proactively keeping equipment fully functional and reliable.

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Sterilizer Chamber Cleanings

Saving Time, Trouble & Money: Sterilizer Chamber Cleanings

What is easy to do is also easy not to do.  – Jim Rohn

As a “microwave society” — we enjoy seeing results immediately, and not necessarily waiting for the compound effect to kick in over a long period of time.

Taking a few minutes every single day to clean sterilizer chambers has both short term and long term benefits. Think about the concept of dental hygiene; it is preventative maintenance. Do you brush your teeth daily? Of course you do. But, do you floss daily? Maybe not. It’s easy to do, but it’s also…easy not to do. The benefits of doing this mundane and extra minute or two of work every single day has exponential benefits for your health in the long run.

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