President of the United States
Since his election in 2020, Biden has focused considerable attention on healthcare. In an executive order signed in October, Biden sought to establish the first standards for the fast-growing use of artificial intelligence in the medical industry, among other sectors. He has also vowed to cut healthcare costs. In 2023, the government estimated that 18.7 million Medicare beneficiaries will save an estimated $400 per year in prescription drug costs in 2025 because of a cap on out-of-pocket spending that was included in the landmark Inflation Reduction Act, signed by Biden in 2022. The act also allows Medicare to, for the first time, negotiate prices with pharmaceutical manufacturers. Health systems are potential beneficiaries of another prong of the act: It provides billions of dollars in grant funding and tax incentives to pay for climate resiliency and renewable energy infrastructure projects.