Better technology integration, greater collaboration among providers and higher co-pays for patients are among the ways to address the high cost of U.S. health care, according to leading policymakers and practitioners speaking at “The Business of Health Care: Bending the Cost Curve,” a January 17 impact conference hosted by the University of Miami School of Business Administration.
However, there is no clear path ahead for reducing overall costs while improving the quality of care.
“Making health insurance available to Americans through the Affordable Care Act (ACA) was the first step,” said Diane Rowland, executive vice president, Henry J. Kaiser Family Foundation and executive director, Kaiser Commission on Medicaid and the Uninsured.
“Our job now is to get the delivery system into better shape to deliver better outcomes for the U.S. population,” said Rowland.
Some 700 business and health care executives attended the third annual conference, which the School of Business hosts as part of its health sector program, which includes an Executive MBA program designed for physicians and others working in health care.
The conference addressed such issues as the impact of changes in the U.S. health care system on employers; benefits, costs, politics and policy related to the transformation; and the impact of changes on health care providers.
“Employers’ three biggest concerns are cost, cost and cost,” said panelist Helen Darling, president and CEO, National Business Group on Health. She cited the 2013 Milliman Medical Index which found that the annual health care costs for the typical American family of four exceeded $22,000 – while median household income was about $52,000. "What’s needed is business process re-engineering," she said.Panelist Alice Rivlin, the founding director of the Congressional Budget Office said in Washington, too many discussions about health care are dominated by simplistic ideological views.
“We need to get away from the blame game and look at how to solve the problems with our system,” said Rivlin.
Panelist Michael Freed, executive vice president, corporate resources, and CFO, Spectrum Health in Michigan, said increasing the amount that individuals pay for health care and improving the management of chronic disease conditions are two strategies that could help to control costs.
Technology advances, such as virtual care and centralized patient monitoring systems, can also play a role in addressing costs and improving outcomes, said Lynn Britton, president and CEO, Mercy Health, a four-state Midwest system. "We have 72 telemedicine programs, as well as the nation’s first virtual care center,” he said.
Wrapping up the conference, keynote speaker Olympia Snowe called for greater cooperation in Washington on health care issues. “We have to do better as a country,” said Snowe, a former U.S. senator (R-Maine) and senior fellow, Bipartisan Policy Center. "We have to pay attention to the big issues, find common ground and move forward.”
The UM School of Business has offered an Executive MBA in Health Sector Management and Policy program for more than 30 years. The program is currently ranked as the nation’s No. 6 such program by Modern Healthcare magazine. Classes are held one weekend per month and bring together physicians, nurses, and other experienced health care professionals working in group practices, hospitals, government agencies, pharmaceutical firms, insurance companies, among other organizations.
