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Caterpillar Commits to U.S. Department of Health & Human Services' Cornerstones to Improve Healthcare Quality

Posted on: Tuesday, 16 January 2007, 15:00 CST

WASHINGTON, Jan. 16 /PRNewswire-USNewswire/ -- Caterpillar Inc. Vice President Sid Banwart today joined U.S. Department of Health & Human Services Secretary Mike Leavitt to sign a statement of support for the four cornerstone actions of the Executive Order on Healthcare Transparency.

"Adoption of the cornerstones by the federal government and the employer community will play a significant role in driving quality improvements and lowering healthcare costs," said Banwart, who has responsibility for Caterpillar's Human Services Division. "With enhanced transparency, our employees, retirees and their families can expect better health outcomes."

Secretary Leavitt has called upon employers, the largest source of health coverage for Americans, to join with the federal government in committing to the cornerstones of value-driven healthcare that will enhance healthcare quality and reduce costs by improving information in the healthcare sector.

The four cornerstones of value-driven healthcare are: -- Standards for connecting health information technology, making it possible to share patient health information securely and seamlessly among healthcare providers. -- Quality of care reporting so healthcare providers as well as the public can learn how well each provider measures up in delivering care. -- Providing costs of health services in advance so when patients choose routine and elective care they can make comparisons on the basis of both quality and total cost. -- Providing incentives for quality care at competitive prices, e.g., payments to providers based on the quality of their services or insurance options that reward consumers for choosing on the basis of quality and cost.

"At Caterpillar, building and offering quality products and services is imbedded in our culture," said Banwart. "Healthcare is no exception. Key to improving quality in healthcare is having transparency to necessary data. It's critical to help employers provide affordable healthcare in the long-term. Going forward, Caterpillar will require its healthcare providers and contract administrators to align with the cornerstones."

With standardized quality measurements, pricing information and data sharing, the employees, retirees and family members Caterpillar insures will have the information they need to be better healthcare consumers.

Healthcare continues to be one of Caterpillar's fastest rising expenses. Caterpillar covers 150,000 Americans, with U.S. healthcare costs at more than $600 million annually as of 2005.

For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2005 sales and revenues of $36.339 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and a wide and growing offering of related services. More information is available at http://www.cat.com/ .

Caterpillar Inc.

CONTACT: Rachel Potts, Corporate Public Affairs of Caterpillar Inc.,+1-309-675-6892, +1-309-258-3496, Potts_Rachel_A@cat.com

Web site: http://www.cat.com/

Source: PRNewswire-USNewswire

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