The Indiana Chamber has long been a strong advocate of using technology, like virtual care, to help offset rising healthcare costs. A new report has shed light on how much those savings are.
Solera Health recently announced results from a recent study comparing virtual health care costs to in-person care. The study reveals that transitioning care from physical locations to virtual platforms could lead to a 2.3-3.1% reduction in overall medical claims spending. Based on estimates from the Centers for Medicare & Medicaid Services (CMS) regarding private insurance expenditures in 2022, this shift could translate into annual savings of approximately $37 billion to over $50 billion in the U.S.
Traditional healthcare settings face various challenges, including physician shortages, limited access to primary care, geographic barriers and escalating costs. Infrequent in-person appointments can hinder patients from effectively managing their health, often resulting in the worsening of chronic conditions and leading to more expensive urgent or emergency care interventions. Virtual care addresses these issues by offering patients greater access to care, enabling more regular and affordable interventions, ultimately fostering better health outcomes.
The Indiana Chamber hopes policymakers and employers will continue to work towards making virtual care an accessible option for all Hoosiers. Doing so will not only help drive down health care costs, but also improve the abysmal public health of our population. At the same time, policymakers must work to ensure Hoosiers have access to in-person care when virtual visits just aren’t an option.
Furthermore, focusing on our healthcare worker shortage will be imperative in addressing our state’s access to care.
