Lower cost is one element of the triple aim. How does your company’s values address the cost of healthcare?
Cost is a big issue for the 2020 election. Some of the government findings about healthcare pricing and billing practices are clearly an issue that could blow back on companies that aren’t proactively addressing cost.
What are patients being promised about the cost of their care? Is your company promising the lowest cost, a market rate or a high cost for a premium service? There is no one right answer but patients need to know what your company is promising. Why?
Stakeholders have the ability to influence government action now more than ever thanks to social media. Social pressure from stakeholders including patients, employees and employers will force the government to regulate the reported problem. We’re seeing it now with proposed regulation for pricing and billing practices.
Leaders of companies should be thinking about:
1. Risk profile as it relates to cost.
2. Prioritizing cost as a risk and integrating it into their values + strategies.
3. Mitigating existing risk.
Companies that don’t will expose themselves to unnecessary political and reputation risk by not making a clear statement about cost.