As per recent findings, it has been revealed that the competitive bidding effort for Medicare has proved out to be a success. The experiment that was carried out for a year in nine-cities has been able to produce $200 million in savings.
Earlier reports proposed that the Medicare system was unable to manage the costs of the equipment. Officials said, "The program often paid more than private insurers for comparable equipment and was vulnerable to fraud by unscrupulous suppliers ordering expensive but unneeded products for unwitting beneficiaries".
However, the present reports put forward by the officials have revealed that the benefits that have been administered due to the bidding system, which involved a limited number of approved suppliers, have helped overcome the problems faced earlier.
It has been discovered that after the implementation of this bidding concept, the complaints registered regarding the shortage of benefits from the Medicare system to people and the economic crisis faced by the small suppliers has been reduced marginally.
Furthermore, the act has helped people protest against the medical supply industry of waste and faulty items.
The statistics obtained have unveiled that the total number of complaints encountered after the bidding concept, are just 151 from a population of 2.3 million Medicare recipients in the nine metropolitan areas.
Above all, it has been demonstrated that the level of health care services is the same, despite the costs decreased.
The findings obtained from the one-year biding concept have raised the confidence of the officials to implement it across 100 cities more by the next year. Moreover, it has been declared that another national mail-order program for diabetes supplies such as blood sugar-testing kits will be added to it.
It is being expected that the program will be able to save about $26 billion from 2013-22.
- Postage Prices will Decrease from Sunday; USPS not too Happy About It
- Marriott and Starwood Hotels & Resorts Worldwide Inc Shareholders Approve to $14.41 Sales Deal
- UK plan to impose additional tax on sugary drinks
- Obesity during pregnancy may increase risk of very ‘large babies’
- Dropping Sales at Gap’s Key Brands hurt the Company’s Shares