America continues to search for ways to reduce healthcare costs, and the Nashville Health Care Council recently hosted an event to discuss strategies for healthcare cost reduction. Numerous individuals attended this event, including myNEXUS leaders McArthur VanOsdale and Wally Dant along with Joseph Swedish, president and CEO of Anthem, Inc. and Senator Bill Frist, M.D. The event focused on shifting from volume to value in healthcare along with new trends in public exchange engagement and consumer driven healthcare.
Comprised of healthcare industry leaders, the Nashville Health Care Council is an association dedicated to further establishing Nashville’s position as the premier healthcare industry capital in the nation. The council works to promote continuing growth of the industry in the city through the fostering of a supportive operating environment for all in healthcare. In addition, it strives to provide healthcare companies with timely information on policy changes and operations. In operation since 1995, the council brings together organizations from Nashville and around the country to discuss issues facing consumers today when it comes to their healthcare.
myNEXUS plays a major role in consumer driven healthcare, as they have now developed technology designed for population health management. With the help of this technology, consumers’ chronic health conditions are proactively monitored for them from a remote location, while the patient is able in their own home. Relevant healthcare information is then transmitted to professionals who analyze this data and intervene when necessary. With the help of this technology, medical professionals find they are better able to provide care, while avoiding costly ER visits and unnecessary doctor visits. In addition, the technology has been shown to reduce readmissions to hospitals, as problems are able to be detected early and changes to care made. Furthermore, the patient is able to remain in the home, reducing burdens on family or dependency on costly stays at Nursing Homes.
During the event, Senator Frist and Joseph Swedish of Anthem emphasized the importance of collaboration in driving a better quality of healthcare while reducing prices. In addition, the decline of conventional fee for service healthcare was discussed along with the shift to a value-based model. Patients wish to have more price transparency and value to help manage costs, and the event participants remain committed to helping them do so. There was significant discussion surrounding the true “Total Cost of Care,” a concept that each individual provider usually does not consider, but significantly impacts the insurance company and patient. Furthermore, while there is much discussion about costs, everyone can agree that reducing readmissions is a key metric. There are several new strategies that attempt to prevent costly and risky readmissions, and several were discussed at the event, including remote patient monitoring.
Healthcare in America is changing, and many now recognize this fact. Patients have diverse needs and those in the industry need to understand this. The key to accommodating those in need of healthcare involves personalizing this care while keeping costs down. This event focused on that specific topic.