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.
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.
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.