West Health is continuing its efforts by focusing the 2019 Healthcare Costs Innovation Summit on three key areas of interest: lowering drug costs, accelerating the adoption of value-based care models, and increasing price transparency for consumers and employers.
The rising cost of healthcare is a growing economic and public health crisis that hurts the U.S. economy, threatens individual financial security, compromises care and reduces patient access. Excessive spending on healthcare places significant burdens on American businesses and family budgets and endangers the funding of vital programs such as Medicare and Medicaid.
Our goal is to develop and share specific recommendations and policy and practice prescriptions to be published and their implementation facilitated with elected officials, policymakers, health systems, insurers, businesses, patients and other stakeholders. Progress will be measured to hold stakeholders accountable for reducing healthcare costs.
The rising cost of healthcare is a growing and major threat to our economy, our financial security, and our individual health. For too long, we’ve been paying too much and not getting enough in return. The U.S. healthcare system is on an unsustainable cost trajectory. We have an urgent need to address this cost crisis so that healthcare can become more accessible and more affordable for all Americans. Now is the time.
Americans are borrowing tens of billions of dollars, skipping treatments and significantly cutting back on household spending to pay for basic healthcare, yet a wide partisan divide exists over their satisfaction with the current U.S. healthcare system and the quality of care it provides. These findings and more are based on a new survey conducted by nonprofit, nonpartisan organization West Health and Gallup, the global analytics and advice firm.
The U.S. is spending more than $420 million per hour on healthcare, and on track to spend $12 Trillion by 2040, according to HealthCostCrisis.org, a new interactive website and crisis clock that tracks and forecasts healthcare spending in America in real time.
Civica Rx exists in the public interest as a non-stock, non-profit corporation committed to stabilizing the supply of essential generic medications. Founded by seven leading hospital systems concerned about generic drug shortages and three philanthropic members passionate about improving healthcare, including the Gary and Mary West Foundation, Arnold Ventures and the Peterson Center on Healthcare. As of February 2019, more than 25 Health Systems have joined Civica as Governing, Founding and Partnering members, representing over 800 U.S. hospitals and equaling approximately 156,000 licensed beds or 25% of the nation’s licensed beds. Civica Rx will provide patients with greater access to more affordable drugs and better, safer care. Caregivers will be better able to focus on the delivery of great care, and not spend time searching for drugs in shortage or developing alternative therapies.
Three common-sense reforms – allowing Medicare to directly negotiate prescription drug prices with drug companies, accelerating the move to a value-based care system and requiring greater price transparency – are key to lowering healthcare costs and improving health outcomes.