Not a day goes by without a major health care related story popping up in news outlets. Pick your topic: price transparency rules, prescription drug costs, patient experience stories… Politicians have also added fuel to the health care cost debate as the 2020 campaign heats up.
But what about the employers? A recent opinion piece in the WSJ by Simon Johnson1 points out that “A millstone hangs around the neck of every company in America, and this dead weight gets heavier each year […]. Since the 1970s the U.S. has failed to control the cost of care, and a great deal of this burden falls directly on companies[...] These costs undermine competitiveness and make it harder to create jobs and pay decent wages.” What is the remedy? Employers look for solutions that fundamentally change the existing paradigm and reduce overall cost of care through embracing innovative solutions, identifying efficiencies and steering towards new care models. Major disruption may be required to shake up the status quo and bring about a better, more efficient system.
At Business Health Agenda 2019, employers saw the health care industry being propelled into the next decade by innovation. Our bet was on innovators driving value going forward:
What’s next on the journey towards meeting the needs of today’s health care consumer? There is no silver bullet: technology, data interoperability, virtual solutions and a stronger push to move away from fee for service will all play a pivotal role. As we look forward into 2020 and beyond, it’s more important than ever to find ways that employers and their partners can drive change together.
The Business Health Agenda 2020 topics will enable you to engage in strategic conversations on health care trends and employers’ role in providing efficient and affordable care. We hope you can join us March 25-27 in Washington DC!