Despite the gradual process of reform, however, many people still face high medical costs, especially when it comes to chronic diseases. In fact, 90% of the nation’s annual health care costs are connected to people with chronic and mental health conditions, according to the Centers for Disease Control and Prevention.
In particular, heart disease and stroke account for one-third of all deaths in the United States every year and cost $216 billion, according to the CDC. Cancer, diabetes, obesity, arthritis, and Alzheimer’s are the next most common chronic conditions, all leading to high annual medical costs.
How value-based care saves people money
Even people with health insurance are often burdened with high medical bills. It’s why NOMS Healthcare, which stands for Northern Ohio Medical Specialists, aims to provide a better value for patients.
“Value-based health care means providing the highest quality care at the most cost appropriate level, meaning that physicians will work with the patients to ensure that their cases are being handled properly, either at a hospital campus or outpatient setting,” said NOMS chief strategic officer Rick Schneider.
For example, hospital stays drastically increase the cost of a medical procedure, with a one-day stay costing an average of $2,607 and an overnight stay ballooning that cost to $11,700 per night, according to debt.org. Such high costs help illustrate why 60 to 65% of all bankruptcies stem from medical expenses.
Because NOMS Healthcare providers understand where high prices come into play, they work to reduce the need for inpatient stays as much as possible.
“When physicians come up with a diagnosis or a recommended surgical procedure, they’ll work with the patient to determine if it can be done outpatient or in a hospital setting,” Schneider said. “They focus on what’s best for the patient. Most patients would prefer to convalesce at their homes.”
Providers work to ensure patients get the care they need, no matter where they recover.
“For instance, with a total knee replacement, we’ve gone as far as to have a physical therapist waiting at their house when they leave because you want to get them moving as soon as possible,” Schneider said. “It’s something that will ultimately lead to as good of an outcome as they can possibly receive.”
Regardless of how well people are, value-based health care can save anyone money. People with chronic diseases benefit from access to primary and specialty health care, and those with good health benefit from reduced costs if they get sick or injured.
“NOMS chooses to compare patient care and outcomes against other providers and hospital systems via transparent metrics,” according to the NOMS website. “Consistently, NOMS’ quality is the same or often better at a much lower cost.”
NOMS works with Medicare, Medicaid, and commercial insurers. It operates in 160 locations with 264 providers and 28 specialties, including ophthalmology, podiatry, orthopedics, neurology, general surgery, and ear, nose, and throat. There are 20 hospitals within the NOMS Healthcare footprint where their physicians and surgeons have privileges.
Learn more about value-based care or make an appointment with a NOMS Healthcare provider by visiting nomshealthcare.com.