Unlocking Efficiency and Cost Savings to Help Your Company Achieve More Affordable Surgeries.
Introduction:
In recent years, a significant trend has emerged in the realm of healthcare— a collective push towards more affordable surgery. As healthcare costs continue to be a pressing concern for individuals and organizations alike, the quest for accessible and cost-effective surgical solutions is reshaping the landscape of medical care. This article delves into the factors driving the trend towards more affordable surgery and explores the innovative strategies and technologies contributing to this transformative shift.
- Rising Demand for Affordable Healthcare:
The escalating costs of medical care, particularly surgical procedures, have prompted a growing demand for more affordable alternatives. Patients, insurers, and healthcare providers are increasingly seeking ways to maintain or enhance the quality of care while simultaneously reducing the financial burden on individuals and the healthcare system. According to Kff.com –– About 50% of U.S. adults say it is difficult to afford health care costs, and one in four say they or a family member in their household had problems paying for health care in the past 12 months.
– The cost of health care can lead some to put off needed care.
– Those who are covered by health insurance are not immune to the burden of health care costs. - Advancements in Minimally Invasive Techniques:
Technological advancements have paved the way for minimally invasive surgical techniques. Procedures that once required lengthy hospital stays and extensive recovery periods are now being performed with smaller incisions, reducing the overall cost of care. Minimally invasive surgeries not only decrease the financial burden on patients but also contribute to faster recovery times and increased efficiency in healthcare delivery. There are distinct patterns of growth, development, and innovations in MIS since the early 1980s represented by the number of patent applications and literature publications, with each of these patterns containing technologies with unique characteristics. Our future consists of exciting, new emerging technologies, which may make MIS even more efficient, exciting, and safe. The possibilities are limitless, and we await more innovations to enable more sensible applications of different surgical techniques and instruments. - Ambulatory Surgery Centers (ASCs):
The rise of ambulatory surgery centers represents a pivotal shift towards more affordable surgery. ASCs specialize in providing same-day surgical procedures, often at a lower cost compared to traditional hospital settings. With streamlined operations and reduced overhead expenses, ASCs offer a cost-effective alternative for a wide range of surgical interventions. - Telehealth and Remote Patient Monitoring:
Telehealth has emerged as a game-changer in healthcare accessibility. By leveraging virtual consultations, remote patient monitoring, and digital health platforms, healthcare providers can offer pre- and post-operative care more efficiently, reducing the need for in-person visits and associated costs. - Price Transparency Initiatives:
Increasing emphasis on price transparency in healthcare is empowering patients to make informed decisions about their care. Hospitals and healthcare providers are now more openly sharing pricing information, allowing patients to compare costs and choose facilities that align with their budgetary constraints. - Value-Based Care Models:
The shift towards value-based care models incentivizes healthcare providers to focus on delivering high-quality outcomes at a lower cost. Given the momentum we see behind value-based care investment, it’s worth examining recent trends to understand the ways in which this landscape could potentially evolve. This paradigm encourages efficiency, preventive care, and collaboration among healthcare stakeholders, ultimately leading to more affordable surgical solutions. - Patient Financing and Payment Options:
Recognizing the financial challenges that some patients face, healthcare providers are offering innovative financing and payment options. This includes installment plans, discounted cash prices, and partnerships with third-party financing companies, making surgical procedures more financially manageable for a broader patient population. A 2019 Federal Reserve report noted that more than one-fifth of adults had unexpected medical expenses of between $1,000 and $1,999, with the average deductible more than $1,500. For providers who prefer to remain self-funding, payment plans offer an attractive alternative to working with a lender. Payment plans can yield high collection rates without the fees associated with lending. However, to be effective, providers must deploy payment plans with robust collection processes and industry solutions with high technical standards for security and compliance. In effect, the self-funding model powered by payment plans replaces the lender with technology and collection best practices. - Surgical Benefit Management:
There is an intriguing trend towards companies negotiating on behalf of self-funded employer groups. It is an addition to the employers medical benefits and features personalized service, exceptional surgeons, and impressive savings on surgeries. Companies like SBM offer full surgery concierge services, walking employees needing surgery through the sometimes overly complex surgery system. SBM features proprietary contracted rates throughout the United States and is a slick solution towards significantly lowering surgery costs.
Conclusion:
The trend towards more affordable surgery reflects a collective effort to make healthcare accessible without compromising quality. Through advancements in technology, changes in care delivery models, and a commitment to transparency, the healthcare industry is evolving to meet the growing demand for cost-effective surgical solutions. As this trend continues, the collaboration between healthcare providers, insurers, and technology innovators will play a crucial role in shaping the future of affordable and accessible surgical care.
RESOURCES –
KFF.org – Americans’ Challenges with Health Care Costs
McKinsey.com – Recent trends appear to make a case for investing in value-based care. Here’s why value-based models now show both the potential and propensity for growth.
NIH.gov – A New Era of Minimally Invasive Surgery: Progress and Development of Major Technical Innovations in General Surgery Over the Last Decade