Centers for Medicare & Medicaid Services (CMS) Administrator Dr. Mehmet Oz believes that enhancing the health and vitality of Americans could lead to a significant economic boost for the nation. Oz projects that if Americans feel healthy enough to work an additional year, it could add $1 trillion to the Gross Domestic Product (GDP).
During an interview, Oz emphasized that the most expensive aspect of healthcare is poor quality care, which leads to additional costs for corrections and treatment of downstream complications. He stated that the CMS focus is on "quality, quality, quality" in all healthcare interactions, from disease prevention to promoting healthy behaviors at home.
Oz also highlighted the importance of value-based care, where healthcare providers are paid for comprehensive patient care rather than just performing procedures. He noted that new healthcare technologies, including the safe and correct use of Artificial Intelligence (AI), are making it easier to deliver high-quality care by meeting patients where they are. This includes advancements in medications, screening techniques, and shifting the public's mindset about their role in maintaining health.
Despite the availability of a free annual wellness exam for every Medicare patient, Oz revealed that fewer than half of beneficiaries utilize this service. He warned that individuals who skip these check-ups may underestimate their health, potentially leading to undetected underlying problems and more costly treatments later.
"They’re lying to themselves," Oz said regarding those who skip preventive care. "Ignorance is bliss, [but] not in healthcare."
Oz suggested that a healthier American population could lead to increased national wealth and vitality. "We can get the average American to feel so vital, so with it, so healthy, that they want to work one more year," he stated. "The value to our nation is $1 trillion."
He explained that many Americans wish to continue working as they age but may feel physically unable to do so. By focusing on improving overall health, he believes the nation can spend less on healthcare and simultaneously increase economic output.