Cost control central focus at recent summit

Rising health care costs have a significant impact on local economies.

Health care industry representatives and stakeholders sat alongside patients, providers and business owners at the recent 2014 Healthcare Summit in Concord, North Carolina. The event was sponsored by the Cabarrus Regional Chamber of Commerce, and was designed to help business owners and community members better understand how the recent changes to the health care industry will impact their operations. 

The Charlotte Observer reported that more than 80 community and business leaders heard seven local health-care experts' views on topics ranging from managing costs to preventive health efforts.

The health care industry makes up approximately 18 percent of North Carolina's gross state product, or $60 billion, according to the N.C. Chamber and the Centers for Medicare & Medicaid Services. The speakers stressed that rising health care costs will have a significant impact on both personal and organizational budgets, and that the community needs to work together to better manage these costs. 

"There's opportunity, without sacrificing quality and without sacrificing access, to essentially make these changes to use our resources more effectively," said Peter Chauncey, president of Carolinas Market for Aetna. "The key is to work together in such a way that the increase in medical care costs could be contained by doing a better job of delivering the services – right here, at the right time and right place."

Chauncey argues that to offer more efficient care, business owners and patients alike need to be speak out against rising health care costs, and work together to cut wasteful spending. 

The dramatic rise in health care costs has led to many facilities to begin experiencing issues with revenue cycle management. If this is the case at your facility, the decision to outsource receivables management can help to improve cash flow and lower the number of dollars written off to bad debt.