The 2020 presidential election is 432 days away and already the future of US healthcare is being fiercely debated. Healthcare is a topic that impacts all of us, even more so for those of us who work in the industry. No political agenda, no spin, no bias; this month I wanted to share some of the data that I’ve been thinking about as I contemplate the future of healthcare:
- Health spending as a percentage of GDP is growing fast. Health spending in 1962 represented 5.3% of GDP. In 2017, US healthcare costs were $3.5 trillion - equalling 17.9 percent of GDP. The National Academy of Science predicts that by 2022, health spending will reach 19.9% of GDP.
- America’s population is growing older. Often referred to as the ‘silver tsunami,’ it is estimated that by 2050, people over 65 will represent more than 20 percent of the population. For added context, starting in 2015 and ending in 2030, on average 10,200 Americans age-in to Medicare every day.
- In a recent Modern Healthcare survey of health system executives’ top priorities, ‘revenue growth’ led at 21%, followed by ‘population health and accountable care organization strategy’ at 20%.
- A small portion of the population accounts for a large share of healthcare spending in a year. According to Kaiser Family Foundation, 5% of the population accounts for half of all health spending.
The challenge is daunting, but we’re excited about the role innovation and technology will play in the future of healthcare. There’s no more worthwhile pursuit than helping solve problems that impact so many people’s well being.
In the News:
In an effort to improve care and reduce costs, CMS is encouraging a shift to value-based care through programs such as Accountable Care Organizations and Bundled Payments. However, in order for these programs to be successful, visibility needs to be readily available into patient progress across the continuum of care. Olio’s Dr. Stephen Ritter discusses the role collaboration plays in the success of value-based care in Healio’s blog, Value-based care requires collaboration.
Healthcare providers are overwhelmed with excess and unnecessary patient information and data. Olio’s Progress Log feature captures and shares only the pertinent progress indicators for a specific episode or diagnosis. In under a minute, and from a mobile device, post-acute caregivers can share the actionable patient progress information that their health system partners want to see. Better collaboration is achieved through sharing the right data.