NJ Spotlight published the following article on April 2, 2014. To read the full article, click here.
Healthcare Experts See Cost Pressures Driving Innovation in Medical Field
Andrew Kitchenman | April 2, 2014
It may seem counterintuitive, but panelists contend that lowering costs could create space for new treatments
As the pressure to control healthcare costs increases, the way treatments and therapies are paid for is undergoing steady change. But while these financial constraints might be expected to be a problem for those looking to develop new medications and medical procedures, the opposite could actually be true.
This attitude is shared by some New Jersey hospital, insurance, and pharmaceutical executives, as well as public health advocates. They believe that one of the keys to controlling costs is by ensuring that patients at risk of chronic conditions have access to primary care. Similarly, improving care coordination should also keep costs in check. Perhaps most important of all, they think that providing financial incentives to accomplish these reforms may ultimately lower costs and encourage new therapies.
For example, hospitals can improve their outcomes by carefully using patient data and ensuring that doctors are using the latest treatments and engaging directly with those patients, according to Dr. Anthony Slonim, executive vice president and chief medical officer at Barnabas Health Medical Group. In addition, patients need to work more closely with primary-care doctors, he said.