Top health care industry reps meeting with President Obama today plan to say they can reduce costs by $2 trillion over the next 10 years to help him overhaul the health care system, Bloomberg reports. Committed to reforming health care this year, the coalition, which brings together insurance, hospitals, pharma, doctors, unions, and device makers, is lobbying Obama now to stave off legislation that might hurt profits down the road, reports Politico.
The industry group set a target of slowing the annual growth of health care costs 1.5% a year, which could save a family of four $2,500 the fifth year, administration officials. But there is no provision for enforcement, Politico notes. The coalition includes the major industry groups and was spearheaded by Dennis Rivera, chairman of the biggest union representing health care workers.