NU Online News Service, June 3, 2003, 4:55 p.m. EDT — Washington
The United States could cut health care costs by about $250 billion per year by adopting a five-step cost-containment strategy, according to a new report from the Health Insurance Association of America, Washington.
“There is a path to significant savings if we have the political will and the commitment of all parties-in-interest,” Dr. Donald Young, president of HIAA, said today at a press briefing about the report.
The HIAA report recommends that the country hold down health care costs by pruning red tape, reforming medical malpractice rules, promoting standards, giving consumers more control over health care decisions, and stopping public health programs from shifting costs to private payers.
HIAA estimates that simply clearing away benefit mandates, onerous prompt-payment rules and other legislative and regulatory burdens on health insurers could save between $20 billion to $25 billion each year, and that reforming the medical malpractice system could save between $78 billion and $133 billion.