Tag: healthcare spending growth

The Ever-Growing Healthcare Costs In The United States

By Dusan Goljic, project manager and medical writer, HealthCareers

Dusan Goljic

Many believe that the US healthcare gives its users what they pay for since it’s famously known as the most expensive healthcare system in the developed world. Unfortunately, coronavirus statistics have revealed how inadequate the healthcare system in the US is and how much money revolves around it.

The Pandemic Exposes Costs

Gloomy facts about healthcare costs in the US became even scarier for the US residents when the pandemic knocked on their doors. It’s almost unbelievable to think that $2.16 billion was spent on hospital care and medical professionals.

If we take into consideration that the money doesn’t come from the rising demand for healthcare services and larger employability, but derives from high costs of services, it’s no wonder that the coronavirus brought America’s healthcare to its knees.

The Root of the Problem

America runs on private health insurance sponsored by various companies, while the government helps those without private insurance via programs, such as Medicare and Medicaid. What’s more, healthcare providers are continuously raising rates for their services. Final result? Coronavirus treatment can cost up to $34,927.

Furthermore, heart disease and diabetes are the most common diseases in the States. These two diseases account for 85% of all costs in American healthcare as they are time-consuming, difficult, and expensive to treat on a day to day basis.

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IDC Health Insights: Analytics a Top Area of Spending Growth for Healthcare

IDC Health Insights estimates that the combined annual growth rate in the analytics market during the 10 years from 2010 through 2020 will be in the 8 percent to 11 percent range; this places analytics among the top areas of spending growth for hospitals and health systems during this decade.  This attractive growth rate has led to numerous new products joining an already-crowded supplier landscape.

The new report, IDC MarketScape: U.S. Healthcare Provider Clinical and Financial Analytics Standalone Platform Vendor Assessment, evaluates analytics platforms that allow providers to examine clinical and financial data together, and to provide actionable advice for optimizing delivery of care. Vendors evaluated in this IDC MarketScape include: The Advisory Board, Allscripts, ArborMetrics, Explorys, Health Catalyst, IBM, McKesson, Optum, Oracle, Premier, SAP and Verisk.

The U.S. healthcare provider analytics market has experienced rapid growth and change since the introduction of accountable care with the patient protection and affordable care act (PPACA) of 2010. Analytics are clearly a critical tool that will allow health systems to understand and respond to the business model change and disruption of accountable care, and many types of analytics models and tools will likely be useful to providers. This IDC MarketScape report focuses on analytics platforms that allow providers to examine clinical and financial data together, and to use this data to provide actionable advice for optimizing delivery of care.

Key findings from the report include:

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