Articles

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.

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.

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.

Healthcare-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.

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.