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The New Jersey Life Sciences Vendors Alliance (NJLSVA) is a coalition of businesses, individuals and academia who provide goods and services to New Jersey’s life sciences companies.

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HINJ Forum: Prevention, Disease Management Can Create Health Cost Savings for Business, Say Panelists

Somerset, NJ, May 23, 2013NJBIZ’s Tom Zanki reports that business and government can reduce the massive costs of chronic illnesses, most of which are preventable or can be better managed, with smarter coordination, speakers at a health care panel said today. 

Figuring how to improve that coordination is the challenge.

HealthCare Institute of New Jersey (HINJ) President and Chief Executive Officer Dean J. Paranicas, citing figures from the Centers for Disease Control and Prevention (CDC), said about 75 percent of health care spending, or $1.9 trillion out of $2.5 trillion, is focused on treating chronic disease.

But Paranicas said about 80 percent of those illnesses — ranging from cancers to high blood pressure and high cholesterol — can be prevented or treated better, meaning $1.5 trillion of annual health care spending can be vastly reduced.

“Think of the burden on employers,” Paranicas said.  “Think of the burden on the health care and education systems.  Think of the burden on the economy. There are so many different impacts.”

HINJ organized the forum, “Chronic Disease Management: Improving Outcomes and Bending the Cost Curve,” to an audience of about 50 at the Forsgate County Club, in Monroe.

Chronic disease is “where the cost is.  It’s where the pain is. It’s where the suffering is,” said David Knowlton, CEO of New Jersey Health Care Quality Institute, the forum moderator.  “It’s where the money needs to be.”

Panelists agreed that better education and dissemination of information is needed, though that can be challenging when trying to persuade disparate elements of society.

To access Zanki’s full NJBIZ story, click here.