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What Happens To Us When Business & Medicine Collide

THE SOCIAL IMPACT OF MIXING BUSINESS MEDICINE & In the U.S. healthcare spending is OVER 187 ÓF GDP Since 2009, healthcare spending for other OECD countries has hovered around AND CLIMBING > 8.87. OF GDP From 2007 to 2014 AMERICANS WITH HEALTH INSURANCE SAW THEIR HEALTH SPENDING INCREASE BY 20%. ON AVERAGE PRESCRIPTIONS From 2009 to 2016 EPIPEN THE COST GREW FROM $100 TO $600 From 2012 to 2016 INSULIN PRICES ROSE BY $2,841 EACH YEAR COST OF CARE From 2007 to 2014 THE COST OF HOSPITALIZATION INCREASED BY 42%. HOSPITAL-BASED OUTPATIENT COSTS INCREASED BY 25% COST OF PHYSICIAN VISITS GREW BY 67. HEALTH INSURANCE IS BIG BUSINESS In 2019. the 5 largest health insurance and pharmacy benetit providers in the U.S. brought in greater combined revenues than the 5 largest tech companies CVSHealth Anthem. Humana UNITEDHEALTH GROUP Cigna $787 BILLION - facebook NETFLIX Google amazon $783 BILLION · L IN 3 AMERICANS SAY THEY THEMSELVES. OR A FAMILY MEMBER. DELAYED SEEKING TREATMENT DUE TO HEALTHCARE COSTS By 2027. HEALTHCARE SPENDING WILL REACH $6 TRILLION A YEAR That's almost I.7x higher than a decade earlier AMERICANS ARE 2-3X MORE LIKELY TO IGNORE MEDICAL ADVICE DUE TO COST THAN CANADIANS HIGH PRICES COST MORE THAN MONEY 627. OF AMERICANS CONSIDER COST WHEN DECIDING IF THEY'LL PURSUE CARE 137. OF THOSE WHO ASK FOR PRICE UPFRONT DON'T GET AN ACCURATE ESTIMATE OVER HALF OF MILLENNIALS AND GEN X HAVE DELAYED OR AVOIDED CARE DUE TO COST EACH YEAR. DELAYING OR AVOIDING CARE LEADS TO 125,000 AVOIDABLE DEATHS 107. OF HOSPITALIZATIONS AMERICANS WHO DO SEEK MEDICAL CARE. DON'T ALWAYS FOLLOW THROUGH IN 2019, 267. OF TEXANS HAD A CLAIM DENIED BY THEIR INSURANCE COMPANY – INCLUDING DOCTOR-ORDERED MEDICINES, PROCEDURES. TESTS. AND SCANS 307 paid for medicine. procedure. or test out of pocket 147. appealed and their insurer changed its decision 107. had symptoms worsen, or a delayed diagnosis 67% OF MEDICATION NON-ADHERENCE IS LINKED TO THE HIGH COST OF HEALTHCARE 20-30% of prescriptions are never filled 50% OF MEDICATIONS FOR CHRONIC DISEASES AREN'T TAKEN AS PRESCRIBED GOING WITHOUT TREATMENT ENDS UP COSTING EVEN MORE ANNUALLY, IN THE U.S. TREATMENT NON-ADHERENCE COSTS BETWEEN $100 BILLION AND $289 BILLION For patients with chronic diseases, treatment non-adherence can cost $949 $44,190 to due to worsening symptoms, complications, and hospital readmittance IMPROVED MEDICATION ADHERENCE LOWERS OVERALL SPENDING BY $37 FOR EVERY $I SPENT ON THE MEDICATION EACH YEAR. MORE THAN 26.000 AMERICAN ADULTS DIE DUE TO LACK OF HEALTH INSURANCE – THE UNINSURED FACE BETWEEN 25/ AND 807 GREATER RISK OF DEATH WHO ARE THE UNINSURED? NEARLY 9 IN I0 ARE NONELDERLY ADULTS More than 8 in 10 are low-income families More than 7 in 10 had at least one full-time worker in their family Another I in 10 had a part-time worker in their family People of color make the population. but account for over half of the uninsured. including up 437. of American Indians & Alaska Natives 227. 19% IIZ. Hispanic Americans African Americans SINCE 2016, THE NUMBER OF UNINSURED HAS GROWN BY I.2 MILLION – 45% of uninsured adults say they can't afford insurance premiums ON MARCH 20 2020 A 17-YEAR-OLD WITH SYMPTOMS OF COVID-19 WENT TO AN URGENT CARE FACILITY IN CALIFORNIA TO SEEK TREATMENT DUE TO LACK OF INSURANCE. HE WAS DENIED CARE AND SENT TO A LOCAL HOSPITAL INSTEAD HE WENT INTO CARDIAC ARREST BEFORE REACHING THE HOSPITAL AND DIED 6 HOURS LATER THE ROLE OF BUSINESS IN COVID-19 As the coronavirus spreads, U.S. HOSPITALS FACE CRITICAL SHORTAGES OF EQUIPMENT Nearly I in 4 hospitals have fewer than 100 N95 I in 5 hospitals report an immediate need for more In February. the FDA reported the first human drug ortaqe related to coronavirus, masks on hand* ventilators* EXPERTS WARN THAT MORE DRUG SHORTAGES MAY BE COMING The federal government's strategic stockpile of N95 masks has also run low WITH JUST 10.5 MILLION OF THE ESTIMATED 300 MILLION THE COUNTRY WILL NEED * as of 3/25/2020 WHAT CAUSED THE SHORTAGE practice that reduces the inventory held by retailers and hospitals to increase cash flow – but can lead to shortages when unexpected disruptions affect supplies JUST IN TIME SHIPPING MANUFACTURING DISRUPTIONS As the pandemic began. Chinese manutacturing experienced labor shortages and slower production - Affecting many of the protective articles we now find in short supply 26%. of U.S. medical goods are imported from Chinese manutacturers – high tariffs on Chinese imports mean shipments are being directed to other countries U.S./CHINA TRADE WAR Despite the high cost of healthcare. U.S. hospitals make just I.8% profit on patient care – With prices around $50,000 per ventilator, many hospitals simply cant attord to buy more LACK OF FUNDING -----. "The new U.S. medical supply chain is exceedingly fragile. In these early stages, we can already experience a shortage of personal protective equipment across the country, such as N95 respirators. As the cases spread, so will the scarcity." - Ednilson Bernardes. Professor at West Virginia Universitys John Chambers College of Business and Economics, and Coordinator of the Global Supply Chain Management program Can the American healthcare system find a way forward after COVID-19? Sources: Presented by: DEVELOPED BY N NOWSOURCING -----

What Happens To Us When Business & Medicine Collide

shared by NowSourcing on May 05
Americans who seek medical care don't always follow through. What will the future of healthcare spending look like?


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