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BALTIMORE — Health care reform might cost $1 trillion, but it can ultimately save the nation $3 trillion, with billions of dollars of benefits for every state in the union, according to a new report released today by the Maryland Public Interest Research Group.
“While Congress sat on the sidelines over the past decade, health care premiums doubled,” said Maryland PIRG State Director, Johanna Neumann. “Now is the time for Congress to pass health care reform with strong cost-saving policies that will improve health outcomes for Maryland families.”
The $3 Trillion Question: What Health Care Reform Can Save For Families, Businesses and Taxpayers, provides estimates for how much various cost-saving proposals can reduce health spending – all while improving the quality of the care we receive.
The report also endorses a White House proposal that would bring down costs and sidestep political gridlock by empowering a new independent commission, made up of doctors and health care experts to adopt the reforms that can incentivize the highest-quality, most efficient care.
Among the potential national savings identified in the report:
- Streamlining health care billing and cutting red tape can reduce $350 billion of waste.
- Adoption of health information technology and electronic medical records can save $180 billion.
- Investing in unbiased research into the best treatments, drugs, and devices can save $480 billion.
- Creating a public health insurance option to compete on a level playing field with private insurers will reduce national costs by $230 billion or more.
These reforms would save $54 billion in Maryland over the next decade.
"The Maryland Health Care For All! Coalition strongly supports measures at the federal and state level which will make quality health care more affordable for all, including individuals and businesses who are facing skyrocketing health insurance premiums," said Suzanne Gilbert, the Community Outreach Director for the Maryland Citizens' Health Initiative.
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