There isn't much consensus among lawmakers in Washington these days, but there is one matter upon which just about everyone can agree: the U.S. spends too much on healthcare. Increasingly, opinion leaders from both sides of the aisle are also agreeing on one part of the solution to this problem.

The Bipartisan Policy Center recently issued a report in which both Democrats and Republicans called for greater use of IT tools like electronic health records in order to improve quality and lower costs. Former Senator Bill Frist, who co-chaired the committee that authored the report, said that the exchange of health information could lead to major changes in the healthcare system.

"To deliver high-quality, cost-effective care, a physician or hospital needs good information," said Frist. "Data about patients has to flow across primary care physicians, hospitals, labs and anywhere that patients receive care."

The report also suggested reforming payment models to reward physicians for delivering high-quality care, rather than simply paying them for administering more services. Combined with greater use of EHRs, the group believes this solution could lead to significant cost savings and improved treatment outcomes.