Dow Jones: Six Health Groups Detail $2 Trillion Cost-Saving Effort

From Dow Jones: Six industry groups on Monday outlined their promise to cut $2 trillion from the growth of health-care spending over 10 years, with large savings envisioned through administrative cost-cutting and changes in the care of chronic diseases.

The groups caused a splash with a May 11 announcement of a pledge to President Obama to reduce $2 trillion from projected future medical costs over a 10-year horizon. The groups include the American Medical Association, the American Hospital Association, America's Health Insurance Plans, the Service Employees International Union, Pharmaceutical Research and Manufacturers of America and the Advanced Medical Technology Association.

Since then, the groups say they have held seven "all-day" meetings to flesh out how they would save the huge sum of money. In a statement Monday, they said they had made "solid progress" on their goal and would now pursue the changes they identified.

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