Today, everywhere you turn; evening news, online, blogs like this are talking healthcare reform with passion on both sides.
Many times we look at these issues in the media and discount them as far removed from our daily lives and certainly remotely consider them in the context of the products we make where we work, but the reality is now more than ever in the medical market, these political and social issues directly affect us.
Whether we consider it positive or negative, the Healthcare reforms are creating opportunities in some areas while creating risks in others.
For instance, while we consider government intervention problematic in commercial affairs, there can be silver linings as demonstrated by the Stimulus package ushered in with the Obama administration in 2009 and manifested in 2010. Referred to as the Title IV Health Information Technology (HITECH) initiative of the American Recovery and Reinvestment Act, the House Ways and Means Committee had authorized investing $20 billion in health information technology infrastructure and Medicare and Medicaid incentives to encourage doctors and hospitals to use healthcare IT to electronically exchange patients’ health information.
The theoretical saving to the government is $10 billion and generating additional savings throughout the health sector through efficiency. Outside of the political ramifications, these types of initiatives will affect us personally (plus or minus based on your position) as well as in our humble interconnect business. If you are lucky enough to have a pay stub, you can see the cost of healthcare is going in one direction and both employers and employees struggle to make it work.
2011 will usher in a new dynamic era in healthcare as new ideas collide with stoic practices. Buckle up! It is going to be interesting.
Visit the new Molex Medical industry page for innovative products being used in the medical industry.
