Healthcare Spending and the US Economy

Healthcare leaders that are responsible for buying healthcare at scale for members or employees are continually challenged with prioritizing investments to improve their organizations. There is a constant effort to choose and prioritize what feels like a never-ending stream of vendors and improvement projects. As the threat of an economic downturn looms, healthcare leaders striving to be responsible stewards of corporate healthcare dollars are more challenged than ever to find ways to control costs. These leaders are highly aware that every dollar spent towards healthcare needs to result in access to high quality and cost-efficient health care.

Consumers, too, struggle with healthcare spending and the current state of the economy further exacerbates those challenges. The continuous rise in healthcare costs and the increasing number of healthcare consumers covered by employer sponsored high-deductible health plans [1] means that healthcare consumers are more exposed to the cost of care now than in previous economic downcycles. Kitchen table economics are forcing consumers to make difficult choices between healthcare and other vital expenses, resulting in delays, deferrals, or even forgoing care altogether due to financial concerns including inability to pay or fear of surprise costs.

Realizing these challenges, business leaders entrusted with making effective healthcare purchasing or insurance decisions for their employees or members, have continuously evaluate innovative programs to reduce the cost of care, including the use of digital health solutions such as telehealth, value-based payment models and benefit carve out programs that seek to steer consumers to more efficient care settings. However, health care costs continue to rise at exponential rates, almost 10% in 2020 alone[2] , demonstrating that a fragmented approach to solving the healthcare cost challenge is not working.

Looking beyond single-point solutions, healthcare leaders also need to stand back and employ a strategic and potentially disruptive approach that requires an ecosystem aligned around common goals. Healthcare leaders need the ability to:

  • Have an efficient, single-point connection to multiple channels of providers, networks and innovative solutions that provide high-quality, cost-effective care
  • Systematically analyze and benchmark against data from multiple sources (including their own, third party and vendor partner data) to optimize their solutions to achieve cost and quality objectives
  • The ability to leverage advanced analytics and data science approaches to guide business decisions
  • Collaborate with a partner that is aligned with their goals of reducing healthcare costs and is willing to align their fees with savings generation

We call this healthcare-leader-driven ecosystem of data and interoperability an “Intelligent Health Market”.

At MacroHealth, we believe that every health population, and ultimately every person, deserves access to custom curated, high-quality, cost-efficient healthcare. We partner with leading healthcare Payers and Sponsors, helping them reduce the total cost of care for their organizations in a simple, efficient manner via a single-point connection to their optimal healthcare ecosystem. To assure alignment, we are willing to put our fees at-risk until we achieve those objectives.

Payers, Provider Networks, and other partners rely on our healthcare experience and capabilities to deliver unbiased, deep data analytics, and our first-of-its-kind SaaS platform to solve some of the most difficult challenges in healthcare, such as highly variable and unpredictable medical pricing, inadequate data sharing and benchmarking and poorly executed EDI systems connectivity or interoperability.

We are on a mission to modernize the buying and selling of healthcare, making it simple and powerful for the healthcare finance professionals who are dedicated to guiding members and patients to the best care, at the best price, for the best outcomes.

Regardless of the US Economy, we’re here to help our clients preserve and conserve their resources, because saving money and being good stewards of scarce health care dollars is always the right thing to do. If you are interested in learning more about MacroHealth and how we can help your organization lower healthcare costs, reduce administrative burdens, and increase member access to quality care, contact us today!

Like this article? Watch this space for new articles filled with actionable insight on healthcare industry trends and creating Intelligent Healthcare Markets to help you lower healthcare costs, achieve better margins and foster organizational growth.

[1] https://www.beckershospitalreview.com/finance/what-risk-of-recession-spells-for-hospitals.html
[2] https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NHE-Fact-Sheet

Solution

Company

Follow Us