Kaushik Medamanuri Ideathon 2023- Cost of Healthcare

Inspiration

My family’s personal experiences led me to create this solution. My brother was in need of braces to fix his teeth. This treatment costed upwards of $6,000 but by the end of it, my brothers teeth still were not straight and had a lot of room for improvement. This led me to think of Quality-Based-Cost.

What it does

Quality-Based-Cost allows the patient to pay for their healthcare according to the outcome.

How we devised a solution

I devised my solution by researching healthcare statistics. The U.S. has a significantly high healthcare cost than any other country. This high cost of healthcare does make healthcare more advanced and beneficial but in the instance where the outcome is negative, the hospital should be the one having the majority of the consequences.

Challenges we ran into

Challenges I ran into were figuring out prevention methods for the drawbacks that apply to my solution such as provider corruption, payment evasion, and cost uncertainty.

Accomplishments that we're proud of

I am proud of being able to discover a viable solution for a major U.S. healthcare problem.

What we learned

I learned that the U.S. has an average healthcare cost that is 170% higher than the second-highest country. These high healthcare costs contribute to concerns about healthcare equity and an unhealthy population.

What's next for Kaushik Medamanuri Ideathon 2023- Cost of Healthcare

I plan on proposing this solution to government officials in order to potentially implement my solution in the U.S.

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