The Physician's Role in Lowering Healthcare Costs
- marketing47841
- Nov 25, 2024
- 2 min read
Chad O'Kane
Director, Quality
In a value-based care and payment environment, the quadruple aim of improving care, improving patient experience, improving provider experience, and reducing cost, is the bottom line. EngageMED client practices notoriously succeed in improving care and are at constant work improving the patient and provider experience. Our challenge of reducing cost remains. However, as providers of care, physicians play a pivotal role in addressing this challenge. By leveraging their influence and expertise, physicians can help reduce healthcare costs while also providing high quality care for patients.
Emphasizing Preventative Care
Preventive care is one of the most effective ways to reduce healthcare costs. By encouraging patients to follow through on routine screenings, vaccinations, and wellness visits, physicians can identify and address potential health problems early.
Reducing Unnecessary Tests and Procedures
Overuse of diagnostic tests and procedures is a significant contributing factor to high healthcare costs. Waste of expenses can be reduced by adhering to evidence-based guidelines and avoiding tests or treatments that have little clinical benefit.
Enhancing Care Coordination
Fragmented care often leads to duplication of services and higher costs. Physicians can foster better care coordination by collaborating with other healthcare providers, ensuring seamless transitions between providers and sites of care.
Adopting Evidence-Based Prescribing Practices
Medication costs constitute a substantial portion of healthcare costs. These costs can be mitigated by prescribing evidence-based, cost-effective treatments, including generic medications and extended-day supplies when appropriate. Educating patients about lower-cost options can also contribute to savings.
Engaging Patients in Shared Decision Making
When patients actively participate in their care, they are more likely to choose cost-effective options. Physicians can engage with patients by explaining risks, benefits, and costs of various treatments. This engagement helps patients make informed choices that align with their health goals and financial circumstances.
Utilizing Telemedicine
Telemedicine eliminates unnecessary office visits, thereby reducing costs. Integrating telehealth options allows physicians to offer high-quality, efficient care while decreasing the overall financial burden on patients and the healthcare system.
Physicians and other providers of care have a central contributing role in the effort to lower healthcare costs. By promoting preventive care, eliminating waste, coordinating care, and utilizing telehealth and technology, they can help create a more efficient, patient-centered healthcare system. These strategies not only reduce costs but improve patient experience of care and outcomes.
