The Blue Cross Blue Shield Association made healthcare policy recommendations that the group claimed may reduce medical costs in the U.S. by $767 billion over 10 years.
The association of 34 independent BCBS companies' "Affordability Solutions for the Health of America" focuses on three core objectives, according to a Jan. 24 news release from the group.
Here is a summary of the recommendations:
- Improve competition among healthcare providers by providing reasonable reimbursement for services depending on the site of care, challenging anti-competitive behavior and creating transparent billing policies.
- Increase access to more affordable prescription drugs by prioritizing the creation of generic alternatives to the market, eliminating pricing processes that slow the production of those fewer expensive alternatives, closing patent and regulatory policy loopholes and making pricing information more accessible to consumers.
- Move from the fee-for-service payment model to value-based care so patients receive the best care by ensuring providers are rewarded for the quality of care provided and simplifying the prior authorization process.
The federation said these changes would save the U.S. government $337 billion, reduce insurance premiums by $298 billion and save Medicare patients $206 billion in out-of-pocket costs, according to the release.
The full policy recommendations can be found here.