Auxo Medical News

The Institute for Healthcare Improvement (IHI) launched the Triple Aim initiative over 10 years ago, back in 2007. It was created for healthcare organizations to enhance a patients’ experience (i.e. quality, access, and reliability) while reducing the per capita cost of care.

Following these three Triple Aim objectives enables healthcare organizations to recognize and solve problems such as poor coordination of care and excessive use of medical services. It also encourages organizations to focus attention on and redirect resources to action that produce the most considerable impact on health.

1. Improving the patient experience of care
2. Improving the health of populations
3. Reducing the per capita cost of health care

Why the Triple Aim?

 The United States healthcare system is the most costly in the world, accounting for 17% of the gross domestic product with estimates that percentage will grow to 19.9% of GDP by 2022.

It is a safe assumption to make that medical equipment buyers want to save money. In 2018, now more than ever, hospitals, ASCs, and other healthcare institutions are under tremendous pressure to cut costs. But, many buyers do not necessarily think about Section 179 when shopping for equipment.

The Section 179 deduction is actually not a complicated tax code and is surprisingly a lot simpler than most realize. The IRS tax code, Section 179, permits businesses to subtract the full purchase price of qualifying equipment purchased or financed during the tax year. In other words, if you buy a piece of qualifying equipment, you can deduct the full purchase price from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and reinvest in growing their business.

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.