The Deloitte Center for Health Solutions has identified $530 billion in opportunities to reduce costs while improving the U.S. healthcare system over the next 10 years.
"Against the backdrop of a national financial crisis and fierce competition for shrinking federal funds, transforming the healthcare system to address major cost, quality and access issues has never been more imperative," said Paul Keckley, executive director of the Deloitte Center for Health Solutions, which issued a series of reports outlining the opportunities.
One report, "Reducing Costs While Improving Care in the U.S. Health System: The Health Reform Pyramid," outlines the impact on investment and potential savings that might be realized by key reforms in four areas - healthcare information technology, comparative effectiveness, coordination of care and consumerism.
According to officials, these four areas provide the opportunity to achieve a $530 billion savings opportunity based on a $220 billion upfront investment over three years, with net savings realized beginning in year six.
Thereafter, compound annual growth rate health costs may decline to 4 percent if the plan proceeds with adequate investment and proper oversight and without delays.
"As unemployment rolls increase, leading to an upturn in the uninsured, our analysis demonstrates encouraging potential for the new administration to make a significant impact on improving both the cost and quality of healthcare," said Keckley.
The second report, "Health Care and Public Policy: What Americans Want," offers results from a survey of 4,000 adults on their opinions of key healthcare reform.
A vast majority of respondents said they are ill-equipped to handle the financial burdens of a serious medical emergency - only 6 percent describe themselves as fully ready for such a contingency, and less than 25 percent overall believe their financial preparation is adequate.
In addition, 84 percent believe the economic challenges will make it harder for people to pay their medical bills.
"Comparative effectiveness, evidence-based medicine, cost reduction, performance-based payments, consumerism, safety, quality and transparency - they're all on the table as legitimate action items in the new political structure of Washington," said Keckley. "Transition to a new administration, one that has spoken with enthusiasm about improving the way healthcare is priced, delivered and managed in this country, brings with it a unique opportunity to learn what consumers want in their healthcare and turn it into public policy."