Avicenna Medical Blog

Care Management Weekly News Update - 2/11/21

Posted by DeAnn Dennis on Thu, Feb 11, 2021 @ 11:04 AM

Healthcare Can Save $16.3B Automating Administrative Transactions, Report Finds

Each year, the US healthcare industry spends $39 billion on 9 administrative transactions, according to a new report from CAQH.  The 2020 CAQH Index also uncovered that by automating these transactions, the industry could save $16.3 billion annually–a 42% cost reduction.

VA Advances Medical Research for Minority Veterans With New Genomic Tool

The Department of Veterans Affairs (VA) launched a new genomic research tool designed to help VA researchers learn more about how conditions such as cancer, diabetes and heart disease affect Veterans from minority backgrounds. Debuting in January, the laboratory tool, known as the Ethnic Focused genotyping array or DNA chip, will test more than 750,000 genetic variants, including over 300,000 that are more common in minority populations.

Optimizing Specialty Contracting to Control Costs and Improve Patient Outcomes

From 2017 to 2018, the use of specialty medicines among patients grew by 5%, more than twice the rate of other pharmaceuticals, and specialty drugs represented almost 50% of total prescription drug spending in 2020.  As a strategy to control the costs associated with managing a complex patient population, the market is turning to value-based contracting, which links reimbursement or payment for a product to positive clinical outcomes.

Healthcare Lost 30K Jobs in January in First Setback Since Pandemic Hit

The healthcare sector lost 30,000 jobs in January after posting consistent monthly gains since April’s significant losses when the pandemic hit. Nursing care facilities were the hardest hit, losing 19,000 jobs, followed by home health services and community care facilities for the elderly. Employment in the healthcare sector is still down by 542,000 jobs compared to February of last year.

Tags: Weekly Industry News