How often do you hear about healthcare costs going DOWN? Me neither. That’s why I’m so excited about this post by the CEO of Beth Israel Deconess Medical Center in Boston regarding the first bend in the healthcare cost curve he’s seen on a large scale.
What’s driving this decline? Three important factors:
- Better education and communication
- Financial incentives from payers
- Market forces and lower-cost options
The best part of the shift? All of this is being accomplished without massive government regulation and intervention. Although the article doesn’t mention outcomes, my guess is that they didn’t decline significantly (or at all) or else the hospital CEO would be ranting against the change.
Now, if we can only convince Washington that by letting market forces drive the necessary change–guided by appropriate (and limited) regulation–healthcare costs can be reigned in, we’ll be OK. Don’t you agree?
