Americans today are subjected to increased medical costs owing to higher, intense, and expensive care. Statistically speaking, in 2013, an extra $933 billion was spent on healthcare when compared to the figure paid in 1996. A study conducted revealed that several factors were responsible for such increased costs. According to one Gerald Anderson of the Bloomberg School of Public Health, it is the prices augmenting healthcare expenditure and not any other factor. Mr. Anderson, however, did not take part in the new study to show what factors increased such expenses. On the other hand, Joseph Dieleman of the University of Washington’s Institute for Health Metrics and Evaluation, and a lead participant in the new research believes that different factors of varying diseases contribute to the increased costs.
Mr. Dieleman gave the example of diabetes, which had the most significant increase in annual spending during the experiment duration: $64 billion. Of the total amount around $44 billion was spent in pharmaceuticals. For this reason, several factors such as U.S population growth, use of medicines, their prices, and prevalence of diabetes all contributed to the increase.
Nevertheless, when another disease such as lower and back pain was studied, it was revealed that the factors contributing to the $57 billion varied unlike in the diabetes scenario. In this case, the prevalence of the ailment remained constant, but the amount of care individuals got for the condition were on the rise, increasing an 8.5% in total expenditure per annum.
Figures show that annual inpatient expenditure for all illnesses went up from $258 billion to $696 billion despite efforts to decrease utilization that resulted in a $201 billion decline. Even though individuals had shorter hospital stays, they received expensive care within that period, further increasing the costs.
About Eric Lefkofsky
Eric Lefkofsky is a prominent businessperson who doubles up as the co-founder and Tempus. Tempus is a technological organization with an operating system in place to aid in the treatment and care of cancer patients. Other business initiatives that Mr. Lefkofsky has been involved in include Lefkofsky Family Foundation, Lightbank, InnerWorkings, Uptake, and Echo Global Logistics among others.
Tempus’ Operating System assists physicians and oncologists to implement personalized, real-time, and data-focused treatment decisions through analysis of the patient’s genetic code and in turn the practitioner understands the tumor more. At the moment, Tempus is working with patients battling pancreatic, lung, and breast cancer and expects to increase other forms of the disease in coming years. Through the Lefkofsky Family Foundation, Eric and his wife Liz carry out high-impact undertakings to help improve the lives of people in different communities.
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