This past year has witnessed a conscientious effort in decreasing medical costs.
2009 rang in the proposed Physician Payments Sunshine Act which can affect medical product purchasing decisions. It requires pharma and medical device companies to disclose consulting fees paid to physicians, health insurers, pharmacists and others. Suggested by MedPAC, an agency that advises Congress on Medicare issues, this act requires drug companies to report as little as $25.00 in consulting fees to doctors.
Another way that Hospitals and medical facilities will be affected (in trying to reduce costs) is by mergers among device makers and single source agreements to yield savings. A survey run by Goldman Sachs demonstrated that consolidation among orthopedic and cardiology device makers yielded an 18% average price discount.
This is just one of many attempts that are being made to contain cost savings.
