Revenue remains an essential aspect in ensuring the sustainability of the triple aim goals.
Revenue remains an essential aspect in ensuring the sustainability of the triple aim goals. Decreasing the quality of care should not be used as a vantage point of increasing healthcare profits. Instead, the healthcare sector should simultaneously implement the triple aim goals to incorporate a holistic approach of improving the healthcare outcomes. Hence, instead of reducing quality of healthcare to increase revenue the healthcare facilities would focus on improving their efficiency and reducing operational costs. This will help the hospital increase its revenue with minimal investment of resources while also providing value for patients on an individual levels. On a national level, this means that the overall healthcare costs will reduce thereby allowing for direction of resources to addressing other issues.
According to a study conducted by Sawyer and Cox (2018), the total expenditure of United States in healthcare is twice the average expenditure of the United Kingdom. On average, the U.S. spends $10,348 on a single individual whereas the U.K. spends an average of $4,192. This clearly shows how the US faces exorbitant healthcare costs but still records higher rates of mortality, higher disease rates and lower satisfaction on service provision especially among the minority groups. The triple aims will help the national government in reducing the healthcare costs, increase service provision to populations while also reducing the rates of disease incidences.
The current systems within the healthcare are hugely driven by the forces of supply with few options for patients or consumers to determine demand based on their preferences. To obtain preferred healthcare services is often associated with additional costs but the introduction of triple aims will help through provision of universal standardized healthcare that adopts best practices and is openly accessible to the entire population. The consideration of implementation telecommunication innovations in healthcare is helping increase the competitiveness of home and medical tourism and integration of innovations to help reduce costs of healthcare while ensuring faster and effective provision of services.
The increased competition through implementation of innovative technologies have proved useful in the improvement of patient experiences, increasing health facility efficiency, reducing of operational costs and improvement of healthcare facility revenue/profits. The triple aims will also help in accurate pricing of healthcare services a factor that was previously limited in local levels since there lacked effective strategies for measuring and indexing expenditure to establish the appropriate pricing.
The triple aims will enable the national government to monitor its populations based on enrolled populations and document the health status of specific social communities. At the same time, this will enable for evidence-based decision-making within the healthcare sector (Institute for Quality and Efficiency in Health Care, 2016). The triple goals need to be equally balanced to ensure that there is aligned improvements within the healthcare sector hence they need to be collaboratively evaluated. Failure to achieve one outcome within the triple aim goals has a domino-effect i.e. will negatively affect the rest of the triple aim goals.
Berwick, D. M., Nolan, T. W., & Whittington, J. (2008). The triple aim: care, health, and cost. Health affairs, 27(3), 759-769. Available at https://www.healthaffairs.org/doi/full/10.1377/hlthaff.27.3.759
Institute for Quality and Efficiency in Health Care (2016). The basic principles of evidence-based medicine. available at https://www.ncbi.nlm.nih.gov/pubmedhealth/PMH0072531/
Sawyer, B., & Cox, C. (2018). “How Does Health Spending in the US Compare to Other Countries?” Peterson-Kaiser Health System Tracker. Available at https://www.healthsystemtracker.org/chart-collection/health-spending-u-s-compare-countries/#item-start
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