Investor Presentaiton
U
nderstanding the complicated factors driving health care spending trends is
important if Rhode Island is to meet its cost growth target. Three years after
clearer picture is emerging about where health care spending is high and growing
quickly, and how COVID-19 has affected trends over the last few years.
The transparency created by collecting, analyzing, and publishing health care
spending trends has shone a light on what is driving spending and spending growth
in Rhode Island. The data show that pharmaceutical and hospital services represent
a significant and fast-growing portion of per capita spending on health care, where
the greatest opportunities exist to slow spending growth and thereby improve
affordability. In the coming years, addressing pharmacy and hospital spending will
be key priorities for OHIC and the Rhode Island Health Care Cost Trends Steering
Committee.
That Rhode Island has met the cost growth target in the last two years largely due
to the disruptions caused by COVID-19 illustrates the challenges in containing
spending growth. Meeting this challenge will require sustained commitment
from all stakeholders - including state and local governments, insurers, providers,
businesses, and consumers - to implement new and creative approaches to deliver
and pay for care in a way that enhances the value of health care. All parties must
share accountability for making health care more affordable. Now is the time for all
health care stakeholders in the state to commit to action and do our part to take all
reasonable and necessary steps to keep annual spending growth below the target
while maintaining high standards for quality and access.
Containing spending
growth... will require
sustained commitment
from all stakeholders...
to implement new and
creative approaches to
deliver and pay for care
in a way that enhances
the value of health care.
Annual Report: Health Care Spending and Quality in Rhode Island
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