Health IT to Raise Costs, and Other Links

73% of doctors: Health IT will raise quality; 71%: it will also raise costs.

Fidelity: A 65-year-old couple retiring this year will need $220,000 on average to cover medical expenses.

The highest paid public employee in your state is… [HT: Jason Shafrin]

Comments (12)

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  1. August says:

    There are some really interesting facts in the Fidelity article.

    “Even as the economy recovered, you’ve still seen a fairly significant slowdown [in healthcare spending]”

    ” Three out of five retirees surveyed said they were forced to retire earlier than expected due to a health problem.”

    “A recent poll of people in their 50s and 60s conducted by Fidelity found that nearly half of respondents think they will need just $50,000 to cover medical expenses.”

  2. Tom says:

    “73% of doctors: Health IT will raise quality; 71%: it will also raise costs.”

    I find the way we price things is so arbitrary.

  3. Johnny says:

    Two important aspects of this are:

    •73% of U.S. physicians believe that health IT adoption will improve care quality in the long run;
    •71% of believe that health IT adoption ultimately will result in higher costs (Deloitte report, 5/14); and

  4. Baker says:

    Without the subsidies most physicians and hospitals would adopt Health IT eventually. The benefits will outweigh the costs for individual businesses at some point.

    However the subsidies may be pushing the adoption of HIT before it is ready.

  5. Jake says:

    So, who decides if the increase in quality justifies the increase in cost?

  6. Jake says:

    @Baker

    Which means that it isn’t worth it (cost/benefit) right now.

  7. JD says:

    If coach salaries are that high in the free market, then so be it. Unfortunately for the taxpayers, they probably aren’t.

  8. Tom says:

    “Fidelity: A 65-year-old couple retiring this year will need $220,000 on average to cover medical expenses.”

    Retirement combined with health care is such a difficult policy area, but a lot of it also is due to our culture.

  9. Studebaker says:

    73% of doctors: Health IT will raise quality; 71%: it will also raise costs.

    If providers were competing on price and quality, Health IT would improve quality and reduce costs. But, health IT is being foisted upon providers, who do not compete on price and quality. As a result, it will probably have mixed results on quality and raise costs.

  10. Dewaine says:

    Let me guess, we’ll need more government to lower costs? Government fixing government, genius.

  11. Baker says:

    @Jake

    The individual doctors or hospitals have the best knowledge of their situations and should decided when the to adopt.

  12. Jake says:

    @Baker

    Exactly. My comment wasn’t meant to contradict yours, but rather to expound upon what you’ve said. My point was that individual doctors and hospitals will choose to use the technology when it makes sense for them. Subsidies can make it sensible for them, but will result in an overall loss for society.