The $20K healthcare hit
A recent Becker's Hospital Review article showed us that we are at a staggering, unsustainable place in terms of health costs. Put simply, the average family and their employers pay premiums of more than $20,000, annually. And that doesn’t even include people buying insurance on the open market.
We all know that healthcare costs are increasing, everywhere. It’s the rate of increase that is especially concerning. The KFF Employer Health Benefits survey, referenced in the article, shows that in 2018, on average:
- Annual family premiums for employer-based plans climbed 5 percent to $19,616
- Premiums for a year of single coverage grew 3 percent to $6,896
- Insured workers with an average deductible of $2,000 jumped 4 percent, from 22 percent to 26 percent
Of course, worker earnings are not keeping up with this constant growth, placing further strain on patients, providers and employers. But, as the article asks, “Who’s to blame?” Pharmaceutical companies? Providers? Merged hospital and healthcare systems? It doesn’t matter, because in the end we are all patients, and we need to work together to solve the issues before us.
Infor is a solutions company. That means we do much more than simply provide and implement technology. In the case of our healthcare clients, they rely on us to provide ERP systems that drive cost savings through efficiency and better decision making. For example, Infor TrueCost is part of our comprehensive suite of healthcare solutions, including finance, planning, supply chain, human capital and asset management.
Infor TrueCost provides unprecedented cost insights, allocating expenses to patient-level cost objects within each department, and breaking down expenditures by procedure. Data analysis is direct and focused on actual, real-time patient costs. This allows forward-looking cost projections across specific patient populations—and puts an end to the blame game.
For more information on Infor TrueCost visit our web page.
-Zan Miller, Senior Product Director