Dealing with chronic illness presents unique challenges for healthcare providers and patients alike. Part III of this blog series highlights the financial implications of the CCM program for payers.
Healthcare costs among the chronically ill are astronomical. There are no two ways around it. Individuals living with chronic conditions account for 81% of hospital admissions and 85% of ALL healthcare spending. When you pair that with the prevalence of chronic diseases within an expanding aging population it becomes clearer; treating chronic diseases could quickly cripple our healthcare system.
Chronic care management (CCM) helps providers and payers proactively manage their highest-risk, highest-cost populations. A third-party study indicated that Wellbox is able to increase participation with preventative care measures by up to 50%, decrease emergency room visits and hospitalizations by up to 70%, and, as a result of that, decrease total healthcare costs an average of 15% PBPM.
When you consider that approximately 85% of older adults have at least one chronic health condition, 60% have at least two chronic conditions, and unnecessary emergency visits from chronically ill patients alone cost the healthcare system $8.3 billion in 2017; the potential savings that CCM can save if adopted holistically is, conservatively, in the billions of dollars every year.