Surprisingly, other members of OECD (Organization for Economic Cooperation and Development) only spend an average of $5,500 on healthcare per individual.
This only leaves one question: ‘What measures can be taken to provide patients with affordable care?’ Well, the following measures can help respond to this question:
Minimize Administrative Costs
It is not a surprise that administrative costs are one major cause of America’s high cost of medical care. According to the Center for American Progress, administrative components such as BIR (Billing and Insurance Related) costs, physician practice costs, and overheads continue to act as a pathway for swindling dollars out of Medicare programs.
However, through a re-evaluation of major expenses as well as other measures, healthcare facilities can significantly cut down administrative costs. Thus, the patients will receive health care at reduced or affordable costs.
Adopt Virtual Healthcare
As the technology continues to advance, healthcare providers need to find ways to best leverage new technological innovations, such as virtual healthcare.
While some hospitals have certainly started using telemedicine to serve their patients, much needs to be done to increase its spread.
Keeping in mind that virtual checkups and treatments are cheaper than in-person consultations, adopting such technologies will significantly provide affordable healthcare to patients in the US.
Enable Free Selection of Health Insurance
There are numerous health insurance companies in America. While all of them intend to protect patients from high medical costs, their terms and conditions do vary significantly.
Therefore, patients should be allowed to shop around for health insurance providers that are convenient to them. This will not only create a competitive market but will also make insurance premiums lower.
Alternatively, DMPO (Discount Medical Plan Organization) companies can be a good affordable option for low income individuals. It’s advisable to expand your practice to accept this type of coverage as well for maximum flexibility.
Regulate Drug Prices
Part of the reason why most patients continue to spend hugely on healthcare is the high cost of drugs. In most OECD countries, drug prices are strictly regulated by government bodies.
Unfortunately, the same is lacking in America. For this reason, Medicare should be allowed to negotiate drug prices with the manufacturers. This way, patients will receive affordable healthcare services.
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While it’s evident most Americans are overspending on healthcare, much needs to be done outside of individual control to address the situation. That said, the above mentioned are some of the top ways that healthcare providers can offer affordable healthcare to their patients.
Image Credit: affordable medical care by envato.com
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