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By Ken Congdon, editor in chief, Healthcare Technology Online

A white paper released Monday by Thomson Reuters outlined several steps the U.S. healthcare industry could take to eliminate $3.6 trillion in wasteful spending over the next 10 years. Specifically, the report highlights five proven cost-cutting strategies, and claims the U.S. healthcare industry can eliminate waste by 5% annually by incorporating these best practices into the organizational structure. Over 10 years, this 5% annual savings would total $3.6 trillion. The five strategies outlined in the paper include:

1. Consumer Activism & Transparency This strategy focuses on educating and engaging the public on the importance of understanding and discussing the value and risks of specific treatment options with their caregivers. It aims to make patients better consumers of healthcare services, and strives to elevate individual interest and participation in healthcare decision-making. Obviously, technology can go a long way to facilitating communication between patients and their caregivers, particularly Internet technologies. We've recently published several articles and podcasts on Healthcare Technology Online that speak to the value of web-enabling the healthcare industry much like the retail and financial industries. This includes providing patients with a venue to communicate with physicians via webcast, teleconference, or email. It also encompasses healthcare Internet services such as online appointment scheduling and personal health record (PHR) access. More on these technologies can be found in the following articles:

From Waiting Rooms To eVisits
Introducing The ePatient
Personal Health Records (PHRs): Promise And Pitfall

2. Systems Improvement & Care Coordination Essentially, this step is all about meaningful use of EMRs and EHRs. It focuses on reducing the fragmentation in the delivery of care, addressing significant issues in care coordination, administrative overhead, and redundancy in diagnostic procedures and information collection. Case in point ? when healthcare providers lack access to patient medical records, it often leads to the duplication of tests and inappropriate treatments that cost an estimated $50 billion per year. Establishing a sound EMR/EHR and HIE (Health Information Exchange) infrastructure can be the key to eliminating this waste. The following articles/podcasts can help you increase the effectiveness of your EMR/EHR and HIE initiatives:

Keys To A Successful EHR Implementation
Meaningful Use Of EMR
Clearing Up The HIE Confusion
EHR Lessons From The DoD

3. The Medical Home & The Culture Of Health This strategy ensures that patients are actively engaged, along with their clinicians, in managing their own health through attention to personal behavior, disease prevention, early detection, and appropriate care for chronic diseases. Internet and PHR technologies also help support this step. Telehealth and remote patient monitoring solutions can also play a crucial role in helping patients and caregivers manage chronic diseases and alert physicians when additional treatment is required. For more on the value of these technologies, access the following articles/podcasts:

Telehealth Unites The Healthcare Ecosystem
Is Telehealth The Answer To The Pending Patient Surge
Taking America's Pulse On Mobile Healthcare

4. Patient Safety & Quality Improvement According to the U.S. Department of Health & Human Services, adverse drug events (ADEs) result in more than 770,000 injuries and deaths per year and cost up to $5.6 million per hospital. This costs the U.S. healthcare system an estimated total of between $1.56 and $5.6 billion annually. This strategy focuses on eliminating ADEs and other healthcare treatment errors through local, regional, and national quality improvement initiatives. Several technologies, such as bar code and wireless medication administration solutions, can help support this step by ensuring the right patients receive the correct medications in the proper dosages. More information on the impact these systems can have on your healthcare facility can be found in the following articles:

Prevent Adverse Drug Events With Mobile Technology
Mobile Computers Help Minimize Medication Errors, Increase Patient Safety
Medication Cart Improves Nursing Workflow, Enhances patient Safety

5. Payment Integrity & Fraud Reduction Insurance fraud has been estimated to account for as much as 5% to 10% of healthcare spending. Other administrative inefficiencies in the revenue cycle (e.g. claim processing delays/denials) can also cost hospitals millions of dollars every year. This step focuses on making the billing process easier while eliminating fraud and abuse. Claims processing, revenue cycle management, and security technologies will be instrumental in ensuring this step is realized by healthcare facilities throughout the nation. The following articles illustrate just how powerful these technologies can be for your organization:

Preventing Medical Identity Theft
Hospital Revenue Cycle Management: Coordinating Data For Clean Claims And Better Service
Document Imaging Tames Healthcare Claims

A combination of technology and process will be necessary to ensure the $3.6 trillion in available savings reported by Thomson Reuters is realized and we at Healthcare Technology Online are dedicated to providing you with the latest articles, white papers, and case studies to help you achieve this goal. To download a copy of the full Thomson Reuters white paper, visit www.factsforhealthcare.com.