Prime Advantage Blog

Curbing the Pain of Healthcare Costs

Mike McDonald on Jul 22, 2016 1:11:55 PM

072216.jpegThe cost of healthcare in the United States is in dire straits. Premiums are skyrocketing at an alarming rate and there seems to be no end in sight. The Health Affairs journal estimates that healthcare spending in the U.S. reached $3.2 trillion in 2015 and will make up a fifth of our economy in the next few years. Advancements in healthcare technology, treatments and medicines are all great for life expectancy, but they also bring an immense fiscal burden along with them.

When the environment doesn't seem to be changing to your benefit, all you can do is find solutions within your control. So when it comes to healthcare spending, what can we do as individuals? Well, we could go to the doctor less or ditch a health plan altogether. That of course, is the worst option because one's health should take priority over every other consideration. Not to mention, not taking care of yourself will only compound your health problems and end up costing you much more in the end in the form of money, and possibly your life. Once your condition worsens to the point where you finally have to address it, the stakes will be much higher. So avoidance is not a viable solution.

So what is? There is no magic elixir but there are ways to help curb costs and make them a manageable and reasonable part of your budget. Creative solutions are popping up to tag team this challenge through the buying power of so many sitting in the same cold waiting room. By attacking the problem from different angles with resources that specialize in countering each piece of this financial puzzle, you can take back control of your healthcare spending.

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Topics: Talent and Leadership

Mike McDonald

Posted by Mike McDonald

Mike is the Executive Vice President of Business Development for Prime Advantage, a Chicago based Group Purchasing Organization for mid-market manufacturers. Responsibilities include managing business development, marketing, and the GPO's Healthcare Cost Containment program. He’s been a featured speaker, published author, and recognized award winner within the supply chain community.

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