Readmission prevention and rising patient expectations: Dennis Chalke discusses the importance of avoiding patient readmission, as well as rising patient expectations in access to information. Dennis Chalke, Senior Vice President, Chief Financial Officer & Treasurer, Baystate Health System
The focus on medical cost containment strategies is continuing, aided by the sluggish economy, reforms in the healthcare industry, and efforts by employers to hold down costs. Specifically, medical supply and equipment costs, new forms of primary care delivery, price transparency, and generic drugs will “deflate” cost trend. However there are also factors increasing trend - including an uptick in utilization and the more expensive medical advances and technology.
Based on our research, we found the following key factors effecting the medical cost trends for 2013.
Medical supply and equipment costs, new forms of primary care delivery, price transparency and generic drugs will “deflate” cost trends.
Medical supply and equipment costs are abating under market pressure
New delivery methods for primary care gain popularity
Price transparency exerts pressure
The pharma patent cliff continues to increase use of cost saving generics
Uptick in utilization trend is expected
Medical advances drive growth in high-cost care and catastrophic claims