Blue Cross Blue Shield Association Policy Solutions Could Reduce Health Care Costs by $767 Billion

Affordability Solutions for America’s Health Focus on improving, reducing competition
Prescription drug costs, and prioritizing high-quality care

washington, January 24, 2023 /PRNewswire/ — Today, the Blue Cross Blue Shield Association (BCBSA) released policy solutions that can lower health care costs United States By $767 billion more than 10 years. recommendations, Affordability Solutions for America’s HealthAddress the root causes of rising health care costs by improving competition, lowering drug prices, and prioritizing high-quality care.

The reason for this affordability crisis is clear: the rising costs of health care services and prescription drugs. According to the Health Care Cost Institute, health care prices have grown at nearly twice the rate of general inflation from 2016-2020 — prices being the primary driver for higher health care spending. In 2021, the average premium for an employer-provided family health insurance policy reached $22,221—one-third of the median household income.

Rising costs to consumers are a significant consequence of the rising price of health care delivery. As hospitals continue to acquire physician practices, the result is often use of reimbursements to maximize revenue and drive higher prices. Additionally, rising drug prices are brought on by faster launch and list prices, and by drug manufacturers preventing generic and biosimilar drugs from going to market. Households feel the consequences of higher prices every day through higher premiums and out-of-pocket costs. This is because the cost of health insurance is driven by the cost of health care.

“We must ensure that everyone has access to high-quality health care without breaking the bank,” said the BCBSA President and CEO. kim cake, “Rising prices for prescription drugs and medical care lead to higher premiums and out-of-pocket costs. The BCBSA has led efforts in the private market to make health care more affordable, but policy action is needed. We urge Congress to come up with solutions that can cut more than three-quarters of a trillion dollars in costs by fostering competition, fixing drug pricing, and improving the care that patients receive.”

of BCBSA Affordability Solutions for America’s Health are focused on:

  • Improving competition among health care providers by promoting fair reimbursement based on site of care, cracking down on anti-competitive behavior, and creating policies that promote fair and transparent billing practices.
  • Increasing access to low-cost prescription drugs by accelerating generic and biosimilar options to market, eliminating pricing strategies that slow down generic drug production, addressing patent and regulatory loopholes, and giving consumers more information about pricing to give.
  • Ensuring patients receive the highest quality health care by moving away from a fee-for-service model to reward and reimburse providers for providing safe, high-quality care as well as modernizing the prior authorization process so that providers can make appropriate and cost-effective treatment decisions with their patients.

Over 10 Years, These Solutions Will Generate Federal Savings $337 billionwill reduce private insurance premiums by $298 billionand save those enrolled in Medicare and private plans 206 billion dollars Out of pocket expenses.

Making health care more affordable for all Americans requires not only good public policy but also private-market solutions. Blues is a pioneer in bringing low-cost prescription drugs direct to consumers by partnering with CivicaRx, including producing insulin at patient cost. $30 or less per vial – savings of approx. $400 For uninsured and underinsured patients.

Additionally, the BCBSA and Blue Cross and Blue Shield companies joined together this month to launch the Synergy Medication Collective, a first-of-its-kind approach to improve affordability, accelerate innovation, and efficiency in managing medical costs. Prioritizes partnerships and transparency to drive growth. Beneficial drugs, such as chemotherapy to treat cancer or injections to treat autoimmune diseases.

“We are committed to working across industry and government to create a better, more affordable system of healthcare,” Keck continued.

About Blue Cross Blue Shield Association

The Blue Cross and Blue Shield Association is a national federation of 34 independent, community-based and locally operated Blue Cross and Blue Shield companies that collectively provide health care coverage to one in three Americans.

SOURCE Blue Cross Blue Shield Association

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