Monday, May 11, 2009

Group wants to cut $2 trillion from US health care costs over 10 years

Interested parties are discussing "legislation that would direct Medicare to reward health-care providers who get better outcomes for patients using less costly procedures."

MAY 11, 2009
Industry Officials Dismiss Concerns About Health Costs Plan
By Patrick Yoest

A team of health-care industry groups that announced a $2 trillion cost-saving initiative Monday expressed little worry about the effect of cuts on their bottom lines, saying that skepticism about the plan is unwarranted.

The groups, which represent health insurers, hospitals, doctors and other health workers, met with President Obama on Monday to discuss their initiative. They have sketched out a 10-year plan to slow the growth of health costs by $2 trillion by drawing down the rate of cost increases in the sector by 1.5% each year...

Meetings among the groups - which also include the American Medical Association, PhRMA and the Service Employees International Union (SEIU) - intensified in recent weeks, with the SEIU taking a lead role. The groups recently have taken to meeting on Saturdays, they said...

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