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Researchers say personalized care can save healthcare industry billions

May 01, 2013
Healthcare Consulting By LW Consulting Inc.

It is not news that innovations in healthcare, such as electronic health records and e-prescribing software have the capabilities to save the industry money and time. However, a recent report from the Brookings Institution found that a shift away from the current fee-for-service payment models could deliver more personalized care and could save $300 billion over a decade. Additionally, as much as $1 trillion could be saved over the course of twenty years.

The report outlined improvements that could be made to Medicare, Medicaid and private insurance. One of the proposed requirements was providing further support for state investments to update their Medicaid information systems, such as having standard quality measure reporting and access to CMS data for quality improvement.

"As a result of fundamental breakthroughs in biomedical science, improvements in data systems and network capabilities, and continuing innovation in healthcare delivery, care is becoming increasingly individualized and prevention-oriented," the authors said in the report.

They added that the best patient treatment should involve a combination of the latest technologies, new kinds of care and support at home that are beyond traditional healthcare settings. This is also in conjunction with the current approaches to healthcare financing. Specifically, the authors called for the fee-for-service payment method in Medicare to be phased out over the course of 10 years. More comprehensive options would need to meet a set quality and have requirements for full payment.

Regardless of how soon medical facilities start to adopt more integrated care systems, it is clear that the industry is evolving and all staff members must keep up-to-date. Working with a healthcare consulting company that specializes in healthcare IT consulting can help organizations keep pace without sacrificing quality patient care.