A recent article by David McCann, senior editor at CFO Magazine, argues that President Barack Obama's signature healthcare law may indeed reduce healthcare costs, but it will be a "relative drop in the bucket" to unraveling the "problem of back-breaking" and "paralyzing cost increases."
Mr. McCann said whether people support or disavow the president's Patient Protection and Affordable Care Act, the law itself is "not revolutionary enough" because "it retains too much of the long-existing healthcare industry M.O.," according to the article.
Instead, he said CFOs should advocate for other revolutionary solutions, which include the following.
1. Employers should fully cover complementary and alternative medicine. CAM techniques and therapies are not usually covered under employer health plans, but many have called for increased usage of CAM techniques because they go after preventing chronic conditions that are costing the United States almost $2 trillion per year in treatment, according to the report.
2. Eliminate health insurance. Mr. McCann said eliminating health insurance, a relatively radical idea to some, would force people to pay out-of-pocket for their hospital and physician expenses, which would reduce admissions and volume. However, this could also lower the prices as supply would outpace demand, he wrote.
3. Lower the standards and costs for earning a medical degree. The impending physician shortage is a major concern, and Mr. McCann suggested CFOs advocate for a system where it's more affordable and reasonable for aspiring physicians to obtain their degrees.
Mr. McCann said whether people support or disavow the president's Patient Protection and Affordable Care Act, the law itself is "not revolutionary enough" because "it retains too much of the long-existing healthcare industry M.O.," according to the article.
Instead, he said CFOs should advocate for other revolutionary solutions, which include the following.
1. Employers should fully cover complementary and alternative medicine. CAM techniques and therapies are not usually covered under employer health plans, but many have called for increased usage of CAM techniques because they go after preventing chronic conditions that are costing the United States almost $2 trillion per year in treatment, according to the report.
2. Eliminate health insurance. Mr. McCann said eliminating health insurance, a relatively radical idea to some, would force people to pay out-of-pocket for their hospital and physician expenses, which would reduce admissions and volume. However, this could also lower the prices as supply would outpace demand, he wrote.
3. Lower the standards and costs for earning a medical degree. The impending physician shortage is a major concern, and Mr. McCann suggested CFOs advocate for a system where it's more affordable and reasonable for aspiring physicians to obtain their degrees.
More Articles on Healthcare Costs:
Looking North: What the U.S. Can Learn From Canada to Salvage Medicare
Cure for Healthcare Costs? Salaried Primary Care Physicians, Experts Say
A Look From Within: Why Are U.S. Healthcare Costs so High?