Better Lives with Care.Wallet: Healthcare Spending

According to a 2018 study by JAMA, the US spends twice as much on healthcare as other high-income countries, yet has the lowest life expectancy and highest infant mortality rates.

Health spending in the US is higher, in part, due to wasteful spending, lack of price transparency, administrative complexity, and the unusually high costs for labor, services, and pharmaceuticals.

Wasteful spending occurs when patients receive unnecessary tests or treatments, or when care could have been provided with fewer and less costly resources. Reducing wasteful spending not only contributes to health system resilience but helps achieve and maintain universal access to effective care.

Solve.Care Care Administration Networks can help do just that. Using a sponsored Care Network, those in the healthcare industry can provide proper care coordination for all their patients, thus reducing waste and redundancy while increasing transparency and ultimately improving health outcomes.

Members of Care Networks use Care.Wallet to communicate and synchronize data with all parties, ensuring that records are instantaneously updated, cutting down on duplication and making it easier and simpler to get timely treatment. Care.Cards allow access to appropriate information and give patients, providers, family members, and others the ability to take immediate action.

The advantage of such a Care Network is a reduction in administrative costs; real-time and more effective care coordination; elimination of duplication of services; reduction in fraud, waste, and abuse of the program; and empowering the consumer with access and control over their information and decisions. In addition, instead of the fee-for-service reimbursement system currently predominate in the US, sponsors of a Solve.Care Network can use a pay-for-performance model, rewarding providers for outcomes in real-time instead of for services.

In this way, we can work to make healthcare more affordable, effective, and easy for every man, woman, and child in the world.

Like this story? Then you’ll like Better Lives with Care.Wallet: Getting to Appointments.

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