Colorado Hospital Association Statement Regarding Final 2020 Health Insurance Rates
GREENWOOD VILLAGE, COLO. – Oct. 10, 2019 – Colorado Hospital Association (CHA) issued this statement in response to the release of the final 2020 insurance rates:
“Colorado Hospital Association and its member hospitals and health systems are pleased to hear that 2020 insurance rates will be more affordable for Coloradans,” said Steven J. Summer, CHA president and CEO. “While other data sources may lag a few years, premiums are a leading indicator of where Colorado is on health care costs. This is a clear indication that the efforts hospitals are making to reduce the cost of health care are starting to take hold. Colorado hospitals have been working for years to improve affordability in the state through a variety of efforts – including increasing price transparency, advancing patient safety and quality, decreasing inpatient use when appropriate and increasing outpatient options so care is provided in the most cost effective way, investing in social determinants of health and community benefit, voluntarily reducing prices and more. On top of that, hospitals are the main source of funding for the state’s reinsurance program, which the administration credits as helping decrease insurance rates.
“However, insurance premiums are only part of the health care affordability story. The next step is to work on a more sustainable program targeting the total cost of care. Six states that have already embraced this effort to achieve lower costs while maintaining access and high-quality care. This is a long-term solution for Colorado that will take all stakeholders in the health care system – insurance companies, pharmaceutical companies, other providers and hospitals – working together to drive down the total cost of care. We encourage others to join us on this important journey.”
About Colorado Hospital Association
Colorado Hospital Association (CHA) is the leading voice of Colorado’s hospital and health system community. Representing more than 100 member hospitals and health systems throughout the state, CHA serves as a trusted, credible and reliable resource on health issues, hospital data and trends for its members, media, policymakers and the general public. Through CHA, Colorado’s hospitals and health systems work together in their shared commitment to improve health and health care in Colorado. Learn more at www.cha.com.
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