One of the few things democrats and Donald trump might agree on is reducing pharmaceutical costs.
Why? Healthcare costs continue to rise every year. Increasing pharmaceutical costs, technology improvements and wasteful procedures are costing the US more every year.
This increase in healthcare costs is starting to be felt by everyone. Some can’t afford it, while others struggle to keep up with their medical bills. Those of you who are younger might not understand now, but in 30 years when you need to go to the hospital in 2048 and you’re charged $200 dollars for a single Tylenol pill it might make sense. You might understand how ridiculous healthcare costs have become if we don’t start fixing problems now.
Why are healthcare costs continually going up?
There are really many reasons driving up medical costs. With many causes comes many solutions to improve the situation. However, let’s start by defining some of the biggest problems from a financial perspective. Below is an infographic of areas where there are massive opportunities to reduce healthcare costs. There are billions of dollars spent that provide opportunities to reduce the overall US healthcare bill.
How Do You Reduce Healthcare Costs?
Reducing healthcare costs starts with recognizing the biggest problems that will have the biggest impact when solved. Problems like fraud, waste and inefficient systems are some of the largest costs on the healthcare systems.
How do you recognize the biggest costs? Well, that is where data comes in! When we examine the successes of some of the large corporations today like Amazon, one of the differences they have between less data driven companies is they avoid terms like “I think” without having the data to back it up.
Our team will be posting on how you can reduce your healthcare costs using data in the next few days. If you have any questions on the subject matter before then, please reach out!
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