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Report: Standardized information exchange saves $87 billion

A new report, released by the Center for Information Technology Leadership (CITL), cites findings that standardizing health care information exchange among health care IT systems would result in nationwide savings of almost $87 billion after full-scale implementation. Healthcare Information Exchange and Interoperability (HIEI) would deliver direct financial benefits for providers and other involved health care parties. Though the study examined four different levels of interoperability, the conclusions shared during a presentation at this year's Healthcare Information and Management Systems Society Annual Conference centered on the financial benefits of implementing standardized, machine-organizable and machine-interpretable data.

 

HIEI creates savings by allowing automated data sharing among participants' computers. According to CITL, savings would stem from greater efficiency and less testing, in addition to reduced labor costs and decreased redundancies.

 

Fast stats

CITL's findings, based on a 10-year nationwide implementation scenario, show that even during the time period when participants accrue implementation costs, standardized HIEI offers a total of $395.3 billion in net returns, with the United States breaking even in the process's fifth year.

 

In addition, based on national implementation of standards and systems for full interoperability:

 

[white diamond suit]providers, from hospitals to clinicians' offices, would save $33.7 billion per year.

 

[white diamond suit]payers would benefit by $30.4 billion per year.

 

[white diamond suit]laboratories, radiology centers, and pharmacies would share in the annual savings, at $13.1 billion, $8.2 billion, and $1.3 billion, respectively.

 

 

Source: Center for Information Technology Leadership: "New Findings Show that Investment in Standardized Healthcare Information Exchange Would Deliver $87 Billion in Annual Healthcare Savings." Press release. Available online: http://www.citl.org.