The Impact of Healthcare Waste on Financial Performance
Reducing Low-Value Care can Improve the Bottom Line
An estimated 40 percent of healthcare spending is unnecessary. That's a staggering amount of waste taking a direct toll on the financial well-being of individuals and the organizations they work for.
Accolade recently sponsored a CFO.com webcast in which Susie Dade, deputy director of the Washington Health Alliance, addressed key areas of healthcare waste and the role CFOs can play in improving the quality and affordability of healthcare. Key takeaways from the webcast include:
- Healthcare waste is a problem that impacts the physical, emotional and financial well-being of individual consumers and organizations. Reducing wasteful spending on ineffective procedures, tests and medications can go a long way toward providing quality, affordable healthcare.
- CFOs play a key role in creating a culture in which employees don't pay more than is necessary for quality healthcare. Transparency, data and education are key components in identifying and reducing waste.
- Empowering employees to make better healthcare decisions can help reduce costly services, such as unnecessary ER visits and hospital stays, and boost employee satisfaction.
Learn about the steps you can take to reduce healthcare waste and the harm it inflicts on your employees, their families and your bottom line.