"Achieving increased investment in primary care will take a strategic and multifaceted approach," says Mary Tilak MD, MBA. Key to this effort: creating financial, structural, and societal incentives that can shift more resources toward preventive and primary care services. Ultimately, this will foster better patient outcomes & reduce costs. Find out more below, including the ways in which investments in health tech can support patient-centered transformation. #healthcare #primarycare #preventivecare #wellness #chronicdisease #healthtech #innovation #disruption
Physician Entrepeneur, Population Health, Care transformation, Change management, Value based care
Primary care needs a disruptive structural and financial investment boost if we are to make a deeper impact on health outcomes while reducing total costs of healthcare to benefit all stakeholders — patients, providers, health systems and payers. Spending on primary care services comprises just 4% to 7% of total healthcare spending in the United States — much lower than in other high-income countries, where spending typically accounts for 12% to 15% of healthcare spending. This allocation is relatively low compared to other medical areas, which some experts argue limits primary care’s capacity to proactively manage health and prevent more costly interventions down the line, such as emergency or specialty care. At the same time, the primary care market is rapidly growing, totaling $271 billion in 2023, with an expected value of $339 billion in 2030. In my view, achieving increased investment in primary care will take a strategic and multifaceted approach stated below, creating financial, structural, and societal incentives that can shift more resources toward preventive and primary care services, ultimately fostering better patient outcomes and reducing costs. 1: Policy Incentives Reimagining Primary Care Reimbursements: Government policies can incentivize healthcare systems and insurers to allocate more funding to primary care through higher reimbursement rates for preventive and primary care services. 2: Value-Based Payment Models: Moving from fee-for-service to value-based models, where providers are paid to manage risk and show patient health outcomes, encourages more investment in primary care. 3: Shared-Savings Programs: Many value-based payment models include shared savings, where providers and health systems retain a portion of savings from reduced healthcare costs while improving patient outcomes. 4: Technology and Data Utilization: Leveraging technology to improve patient monitoring, care coordination, and data analytics allows primary care providers to manage risk and improve outcomes efficiently, attracting funding from stakeholders who see the value of these improvements. I was excited to learn with hundreds of colleagues in the healthcare and technology landscape through Harvard Medical School and develop my concept for an AI-first healthcare solution that is a platform to support this patient-centered transformation. 5: Public Awareness and Advocacy: Educating the public on the benefits of primary care can help generate demand and support for policies and investments that prioritize primary care spending. Health systems aiming to improve margins can benefit from value-based care incentives by shifting resources toward preventive and proactive care. #healthcare #primarycare #transformation #disruption #chronicdisease
