This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Medco CEO: Healthcare Innovation Is Essential For Sustainable Reform And A Core Component Of Any Plan For Long-Term U.S. Financial Solvency

CLEVELAND, Oct. 5, 2011 /PRNewswire/ -- A year and a half into healthcare reform, a pivotal question remains: Can the law achieve genuine, sustainable reform?  Medco Chairman and CEO David B. Snow Jr. offered an answer today in an address at the Cleveland Clinic: "The law as written," he said, lays solid groundwork toward expanded healthcare access.  "But it must be augmented by an intensive commitment to improving quality, and controlling escalating costs."

(Logo: http://photos.prnewswire.com/prnh/20100609/MEDCOLOGO )

Building the "three legged stool" of sustainable healthcare – one in which access, cost and quality are in equal balance – requires the concerted and comprehensive implementation of innovative tools and approaches, the foundational element of which, Snow stressed, "will be innovative systems that allow healthcare providers to convert the huge amount of health data we have at our disposal into actionable patient-care information."

Snow pointed out a number of promising measures that have taken shape over the last few years.  These include provisions supporting the development of comparative effectiveness research, Accountable Care Organizations, the establishment of the Center for Medicare and Medicaid Innovation and the $19.2 billion allocated under the American Recovery and Reinvestment Act to develop standards on which to establish a nationwide Healthcare Information Technology platform.

Sustainable healthcare, Snow maintained, depends on the extent to which we follow through on the promise of these measures and implement a truly "wired" system - networks and processes that can integrate healthcare data across all major institutions.  Pharmacy, which is already fully wired, provides an instructive example of the way in which technology can reduce waste and create efficiencies that drive out costs while significantly improving the clinical quality of patient care.

Placing his vision within the context of strained budgets nationwide, Snow pointed out that annual national health expenditures are about $2.5 trillion and account for more than 17.6 percent of Gross Domestic Product (GDP).  The model of wired pharmacy, he emphasized, offers solutions for the healthcare system as a whole, beginning with the simple ability to access and apply the extraordinary patient and scientific data that is now available.  

"There's been an explosive increase in the availability of patient data and medical knowledge over the past two decades," he said.  "Unfortunately, outside of the realm of pharmacy, the current level of success in converting these tremendous amounts of data into meaningful and actionable healthcare information is unsatisfactory.  Wiring the system throughout presents the possibility of dramatic advances in medicine and human health."  

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs