Here are a few random facts on U.S Healthcare Spending:
- Total U.S. health expenditures is $2.8T (2013) and is expected to rise to $4.8T by 2021 (CMS); about $2.2T is spent on personal healthcare, while the remainder is spent on investment (e.g. R&D), health insurance administration, and public health
- Hospital care, physician, and other clinical services make up about 51% of all health spending ($1.3T) (CMS)
- Around 30% of all healthcare spending in the U.S. or more than $750B per year is wasted (IOM, 2013)
- 75% of all healthcare dollars are spent on patients with one or more chronic conditions, many of which can be prevented, including diabetes, obesity, heart disease, lung disease, high blood pressure, and cancer (CDC)
In the last issue, we alluded to the costs associated with medical markets. Changes in healthcare laws require new ways of approaching care-coordination. A patient and family navigation system that would guide patients through the hospital, keeping patients/families updated on the latest clinical information. Robots for monitoring patients that are prone to falls and other high-risk behaviors would cut costs of the labor force. Artificial intelligence and machine learning can be used for predictive modeling to monitor patients, make treatment recommendations and more.
Devices and most EHRs are not integrated. Connecting the device to the EHR would automate what is now being done manually by nursing staff. Home-health is going to be a gold mine. I repeat, a gold mine!