The cost of health care in the United States equals total federal revenues, according to industry disruptor Goodroot
COLLINSVILLE, Connecticut., November 10, 2021 / PRNewswire / – The rapid rise in health spending in the United States has reached $ 3.8 trillion per year, which is roughly equivalent to all federal government revenues. National health expenditure is projected to reach $ 6.2 trillion by 2028, nearly equaling the total federal budget.
“It’s completely unbearable,” said Michael waterbury, CEO of Good root, a community of companies dedicated to lowering healthcare costs and improving access to healthcare. âWhen health care costs are greater than the total revenues collected by the federal government, it is not surprising that close to a third of American workers are struggling with medical debt. Health care costs are weighing heavily on the US economy and the industry is ripe for disruption. “
Companies like Family health provide tools to reverse the rising trend in healthcare costs. Famulus operates prescription cash price networks – out-of-insurance discounts that are lower than copayments for some drugs – to enable individuals and organizations reduce their spending on prescription drugs.
âComplexity is a major cost driver in the American healthcare system,â says Mike Szwajkos, founder and CEO of Famulus, a subsidiary of Goodroot. âBut technology is catching up. Employers, health care payers, and the American public are making huge demands on reducing health care costs, and the fact that we are able to bypass opaque pricing mechanisms in the pharmacy market and deliver in all confidence. trust the lowest possible price the price is a competitive advantage. “
“There is a lot of injustice in the healthcare market towards companies with less than 500 employees,” says Erik Wallace, president of CoeoRx, a subsidiary of Goodroot that offers more leverage, choice and savings to organizations navigating the complex world of pharmacy benefit solutions. âMost employers need a Pharmacy Benefits Navigator because they just aren’t equipped to find and fight for the best deals on their own. Expert help and access to data often means millions in savings. “
In addition to preventing real competition, the complexity of the healthcare system means that billing errors often go undetected, increasing the overall cost of care. Auditing companies detect these errors but have no incentive to prevent them from recurring.
“Up to 80 percent of medical bills contain an error,” says Jim harper, president of Forced driving, a subsidiary of Goodroot. âSometimes the fees are many multiples of what they should have been. We are recovering these funds for our clients while working with our clients and healthcare providers to permanently remove the misunderstanding that created the system from the system. mistake in the first place. “
âThe future of healthcare is focused on reducing drug costs and improving patient outcomes,â says Ralph pisano, RPh, president of RemedyOne. “Organizations must explore different options and position themselves to use these solutions that reduce the cost of drugs and generate significant savings.”
RemedyOne, Goodroot’s first company, created a forms-only management solution that aims to deliver the lowest net cost for medications. For example, in partnership with a Health Plan for College and University Students, RemedyOne created a student formulary that significantly reduces the costs of drugs for mental health, birth control, and other categories frequently prescribed to students. Students pay nothing for many drugs.
“Radical changes in health policy aimed at reducing costs tend to turn against them and end up accelerating the increases, âsays Waterbury. âThat’s why Goodroot is reinventing healthcare one system at a time. By enabling healthcare experts to innovate in the corner of the system they know best, we are pushing the healthcare industry towards a fair cost of care. “