"Business Roundtable commends the House Energy and Commerce Committee for moving forward H.R.5, the Help Efficient, Accessible, Low-cost, Timely Healthcare (HEALTH) Act. Marking this bill up is a critical step toward addressing one of the great missed opportunities of the health care reform law - medical liability reform. This bill will improve access to care while ensuring individuals harmed by medical negligence are protected and have access to a full range of physicians and services.
"The bill will also reduce the rising costs of defensive medicine and liability coverage, which some estimate at $210 billion per year. In fact, the Congressional Budget Office estimates that medical liability reform could reduce the federal budget deficit by $62 billion over 10 years. By helping reduce health care costs - the number one cost pressure facing Business Roundtable members - medical liability reform can help companies compete more effectively, grow and create new jobs.
"This is the time for action. President Obama supports medical liability reform, the committee is poised to move on this issue and business is strongly voicing its support. We urge Congress to capitalize on this momentum by enacting the HEALTH Act to lower costs and help ensure all Americans have access to quality, affordable care."
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development - nearly half of all private U.S. R&D spending. Our companies pay more than $179 billion in dividends to shareholders.
BRT companies give nearly $9 billion a year in combined charitable contributions.
Business Roundtable companies provide health care coverage to more than 35 million employees, retirees and their families.