The healthcare landscape is constantly changing, resulting in a substantial increase in healthcare spending, according to JDSupra Business Advisor.
Here are 10 things to know:
1. Healthcare spending is predicted to increase from $3 trillion in 2014 to $5.2 trillion in 2023.
2. In the United States, healthcare expenditures on a per capita basis are 1.9 to 2.6 times the amount spent by other developed nations even though the U.S. population is younger.
3. It is suggested that 30 percent of healthcare spending results from unnecessary or inefficiently delivered services, price variation, excess administration cost, missed prevention opportunities and fraud.
4. Various factors contribute to the disparity including a fee-for-service system prioritizing volume over value, a focus on acute intervention as opposed to chronic care management, excessive specialization, fragmentation of care delivery, oligopolistic competition and the federal government's unwillingness to mandate pharmaceutical price controls.
5. In the next decade, healthcare, social security and interest payments are expected to account for 85 percent of incremental federal government outlays.
6. The Centers for Medicare and Medicaid Services have devised a series of payment reforms likely to change the healthcare delivery within the next three to 10 years.
7. Employer-sponsored commercial payer segment is unable to generate a cohesive national model for healthcare transformation.
8. The Institutes of Medicine released a publication claiming 73 percent of patient variation in spending among Medicare beneficiaries is propelled by differential use of post-acute care services.
9. In the last few years, several employers have moved costs to employees and introduced high deductible benefit plans, resulting in bad debt from low-to-moderate income employees for providers.
10. Insurers are offering ACO products —lower cost, narrow networks — to employer which will affect local market dynamics based of changing the use of specific providers among their covered lives.
For more ASC news:
7 things for ASC leaders to know for Thursday — July 2, 2015
CMS proposes ASC policy, payment changes for 2016: 8 things to know
Women's Surgical Center sues Georgia health department over CON law: 5 key points