The Business Roundtable, an association of big business CEOs whose companies provide healthcare for more than 35 million Americans, just released a new study that shows that costs and performance of the U.S. health care system have put America’s companies and workers at a significant competitive disadvantage in the global marketplace.
“Healthcare costs are one of the top cost pressures facing American businesses today, inhibiting job creation and hurting America’s ability to compete in global markets,” said Harold McGraw III, chairman of Business Roundtable and Chairman, President and CEO of The McGraw-Hill Companies.
The study shows that U.S. workers and employers receive 23 percent less value from our healthcare system than the average of five leading economic competitors–Canada, Japan, Germany, the United Kingdom, and France (the “G-5 group”)–and 46 percent less value than the average of emerging competitors Brazil, India, and China (the ‘BIC group’).
“This study shows a significant healthcare value gap,” said Ivan Seidenberg, Chair of Business Roundtable’s Consumer Health and Retirement Initiative and Chairman and CEO of Verizon Communications.
Seidenberg added “We must bring together a broad coalition of interests from across the political spectrum to achieve the kind of systemic reform we need. Business Roundtable is committed to being part of the solution, and we’re working with groups such as AARP, SEIU and the National Federation of Independent Business in the ‘Divided We Fail’ coalition to see this through to the finish line.”
To read about the study, see http://www.businessroundtable.org/sites/default/files/Health%20Study%20Press%20Release%20FINAL.pdf
Business support for healthcare reform is key. And while putting aside (for the moment) the substance of the group’s proposal, the immportant thing is that the Business Roundtable is adding it influential voice to the fight for better healthcare.
Simply stated, the current healthcare system is broken and is putting American businesses at comparative disadvantage. Unhealthy workers hurt productivity, and unbearable healthcare costs hurt the bottom line. We need reform, and we need it now.