Cleveland Clinic CEO Dr. Toby Cosgrove: Healthcare will undergo a 'total restructuring' to accommodate shift in payment models

Cleveland Clinic President and CEO Toby Cosgrove, MD, said during an Oct. 23 panel discussion the healthcare industry will have to completely restructure the way it works in order to effectively transition from a fee-for-service model to a value-based payment system, Crain's Cleveland Business reports.

Dr. Cosgrove and CMS Administrator Seema Verma spoke as part of a panel at the Cleveland Clinic's 15th annual Medical Innovation Summit taking place from Oct. 23 through Oct. 25 in downtown Cleveland.

During the discussion, Dr. Cosgrove said the transition in payment models will hopefully allow providers to care for more patients and improve the quality of care.

"I think as [the industry transitions] we're going to see the quality improve, we're going to see the cost come down, and hopefully that will allow us to look after more and more people across the United States. But this is an enormous transition; we've been at it now nine years, and we're just beginning to see the effects of this," Dr. Cosgrove said.

Dr. Cosgrove and Ms. Verma spoke for roughly an hour about the rising cost of healthcare, the use of EMRs as a communication tool, and the potential repeal and replacement of the ACA, among other topics, the report states.

Regarding a potential repeal and replacement plan for the ACA, Dr. Cosgrove said Congress will have to be more flexible about the ideas put forth by either side and come to an agreement on a single plan that will benefit all Americans.

"We don't want 50 different healthcare programs across the country. Ultimately, we need to experiment, we need to figure out what we can do well and get it applied across the country in an even-handed way so that you're not going to have people moving from one state to another simply for their healthcare," Dr. Cosgrove said.

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