It’s a common question we find ourselves asking every time we visit a healthcare facility. Where do these costs come from, and where does the money go? With such a common question, the answer should be just as accessible to patients and practitioners alike.
Healthcare spending is ~17% of GDP and is twice as high in the US as similar high-earning countries, yet utilization is about the same. So why is this? To put it simply, patients and providers are not receiving the full value of their expenditures.
In the United States, healthcare prices are comparatively higher for pharma, medical devices and salaries or fees for services — and these costs are all passed on to our patients. These higher rates come from a variety of sources:
Breaking it down even further, we can evaluate the varying administrative costs associated with an average hospital visit, which are typically divided into three major categories:
Administrative provider expenditures in the United States are higher than those in other comparable Western countries by 25.3 percent.
As a provider, it can look like reducing your bottom line for patients is impossible when all these expenses are taken into account. Yes, healthcare is a business, but when your “product” is people’s health, you strive to hit goals that reflect more than just profits.
Some argue we should adopt the “universal payer approach” and require payers to adopt a universal operating framework with the same forms, submission methods and other rules. However, with the complexities and politics that would come into play to make overhauling changes like that, this likely won’t change for some time.
In the meantime, there are other ways your practice can work to reduce costs on a case-by-case basis by turning to internal methods:
The Quadruple Aim is acknowledged industry shorthand for the most important goals driving the health industry, especially as it moves towards a value-based payment model and incorporates more technology into care delivery. These are the four goals of the Quadruple Aim:
This concept was first introduced as The Triple Aim, but many insisted that physician satisfaction be included and expanded it to Quadruple. The Quadruple Aim focuses on improving physician satisfaction as well as patient care. When your clinicians are happy with where they work and receive proper training, they are more likely to stay on longer.
The path to Quadrupole Aim requires the identification of issues that can stunt growth and business prosperity. The good news is, there are strategies and technological advancements that can absolutely transform your business — more on this to come.
Controlling costs can be easy once you identify ways to do so. Start by taking a thorough look at your people, processes and technology. Here are some steps to start with:
After looking over your pre-existing internal work and identifying areas where you may need assistance on expanding, consider turning to an outside service. The Forcura Care Coordination Platform provides a secure and accessible dashboard that collects all of your patient data in one spot. By streamlining your data-recording system, it’s easier to pull patient information. You can boost productivity in the following ways:
WellSky is a leading healthcare technology provider that empowers health and human services providers to deliver exceptional care. Director of Operational Consulting Cindy Campbell highlights the value of maintaining a positive relationship between your home health business and its signing physicians. According to her, audience intake is the front door to your company. Ensuring that your staff is properly trained and educated helps build trust within your organization and work environment.
Once your staff members have been properly trained, it’s essential to equip them with technology that allows them to provide the best patient experience. By providing the correct technology, you let your workers get more done, easier, each day.
By empowering your practice through technology, Forcura can help make your clinicians’ lives easier. We aim to provide the tools that help your practice thrive and provide better patient care.
Forcura is a top-trusted healthcare technology company that brings comprehensive care coordination solutions to the home health and hospice market. Our EHR-integrated platform allows you to better manage every aspect of your business. We assist 600+ clients in the healthcare industry, helping to improve their day-to-day workflows through:
What sets Forcura apart is our cutting-edge technology and our attention to detail. We pride ourselves in being thought leaders in the medical industry and helping our customers thrive.
"With visibility into physicians and orders outstanding and the number of orders and documents transmitted out, we can see the ROI and efficiencies from a productivity standpoint with Forcura."
"With Forcura and our increased cash flow, we're in a good place to handle the growth at a decent pace. We can start to do things like adding sign-on bonuses and referral bonuses to grow the business, and we're prepared for changes that come down from Medicare and Medicaid."