Healthcare experts propose $1 trillion in savings

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The paper, "Bending the Curve," outlined a series of reforms designed to reduce healthcare spending by improving care and promoting value-based payments.

The proposals are comprehensive, addressing everything from Medicare Advantage to medical liability reform to licensing barriers. They promise $300 billion in net federal savings over 10 years.

In Medicare, the group would phase out fee-for-service care over 10 years by promoting comprehensive payment organizations. They would also enact an out-of-pocket cap on expenses.

The paper places special emphasis on cost and quality transparency, urging universal standards that would translate between private and public health insurance.

"To avoid short-term disruptions," the experts wrote, "our systematic framework involves a clear path that builds on existing reforms in the public and private sector [and] supports transitional steps to assist providers."

The effort united a long list of top healthcare authorities, including former Senate Majority Leader Tom Daschle (D-S.D.), former federal Health secretary Michael Leavitt and former White House budget directors Alice Rivlin and Peter Orszag.

The bipartisan group said its recommendations highlight areas of "broad agreement" between the two parties and should serve as the "foundation" for any future entitlement or health-system reforms.