Health care is as American as apple pie, at least when it comes to spending. The usual metric for the macroeconomy is the Gross Domestic Product (GDP). This is defined as the market value of all goods and services produced in a country. Technically,
GDP = Personal Consumption + Investment + Government Spending + (Exports – Imports)
Personal consumption is the largest single component of the economy. Health care comprises over 17% of personal consumption expenditures, and housing, 15%. The third largest line item in personal consumption is food, which eats up 14% of personal consumption expenses.
Thus, health care took 17 cents of each dollar spent in 2006. By 2015, this proportion is forecasted to be 20% — that is, 1 of every 5 dollars in America will go to health care.
Health Populi’s Hot Points: You’re upset about the cost of gas. Yet, gas, fuel and energy consume 75% less of your spending than health care. Face that fact, and get smart!
Sources: Health Care Spending: Public Payers Face Burden of Entitlement Program Growth, While All Payers Face Rising Prices and Increasing Use of Services, February 15, 2007, General Accounting Office, GAO-07-497T (http://www.gao.gov/)
Jane will brainstorm the patient-as-payer with VisitPay's provider clients during Becker's meeting in Chicago.
It will be a real treat to interview Dr. Toby Cosgrove on the big stage at the 2019 annual meeting of the American Telemedicine Association. Dr. Cosgrove was formerly CEO of the Cleveland Clinic and continues to be a force for innovation in health care.
Jane will once again be a judge for the Health Value Awards, at WHCC19 in Washington DC. The HVA are a joint project of Health Rosetta, the Validation Institute, and the Congress, recognizing health care organizations that consistently deliver higher value results, stronger health outcomes and/or lower costs than conventional approaches.