Ben Bernake, the Chairman of the United States’ Federal Reserve, gave his remarks on improving the performance of the healthcare system at the Senate Finance Committee’s “Prepare for Launch” Health Reform Summit. Bernake said that improving healthcare is one of the most important problems facing the United States’ economy.
Bernake explained that healthcare is both an economic and social issue; it is the fastest growing sector of the economy exceeding 15 percent of the overall national Gross Domestic Product. Bernake said that there are three areas of focus that need to be addressed: access, quality, and cost. Access of healthcare needs to be expanded because the amount of Americans without insurance is steadily increasing. Bernake also said that an uninsured individual is 30 percent more likely to die from a car accident than someone insured because they will not be treated as quickly and thoroughly as necessary.
Bernake said that the quality of healthcare also needs to be increased. Last year about 98,000 people died in hospitals because of medical errors. Bernake explained that the scope for improving patient safety remains extremely large and that there exists a disturbing gap between the principle and practice of quality healthcare.
Controlling the costs of healthcare is the last issue that Bernake spoke about. The United States’ per capita spending is greater than per capita incomes. Bernake said that the country’s spending exceeds most industrial countries and it keeps increasing. He also said that the high cost of healthcare is much higher than necessary. Bernake explained that taking on these challenges will be daunting for the United States and no single set of reforms will address all the problems. He said that an eclectic approach which meets each individual problem in a different way will be best.
Healthcare challenges daunting for United States’ economy
Bernake explained that healthcare is both an economic and social issue; it is the fastest growing sector of the economy exceeding 15 percent of the overall national Gross Domestic Product. Bernake said that there are three areas of focus that need to be addressed: access, quality, and cost. Access of healthcare needs to be expanded because the amount of Americans without insurance is steadily increasing. Bernake also said that an uninsured individual is 30 percent more likely to die from a car accident than someone insured because they will not be treated as quickly and thoroughly as necessary.
Bernake said that the quality of healthcare also needs to be increased. Last year about 98,000 people died in hospitals because of medical errors. Bernake explained that the scope for improving patient safety remains extremely large and that there exists a disturbing gap between the principle and practice of quality healthcare.
Controlling the costs of healthcare is the last issue that Bernake spoke about. The United States’ per capita spending is greater than per capita incomes. Bernake said that the country’s spending exceeds most industrial countries and it keeps increasing. He also said that the high cost of healthcare is much higher than necessary. Bernake explained that taking on these challenges will be daunting for the United States and no single set of reforms will address all the problems. He said that an eclectic approach which meets each individual problem in a different way will be best.