The U.S. Department of Health and Human Services (HHS) announced its Partnership for Patients initiative on Thursday at Baylor University Medical Center in Dallas, according to the Dallas Morning News.

HHS estimates that the plan could spare 600,000 lives and save the U.S. $35 billion in healthcare costs over the next three years, possibly bringing down individual health insurance costs. The initiative also has a special focus on Medicare and Medicaid, which could result in a $50 billion reduction in spending in the next 10 years as a result.

The Partnership for Patients plan seeks to improve patient care, and reduce medical errors and the number of conditions acquired in the hospital. Measures will be taken to ensure that hospitals are providing adequate care to patients in a timely fashion and keeping their facilities clean. Hospitals that fare well will be rewarded.

"Under this initiative, Medicare will reward hospitals that provide high-quality care and keep their patients healthy," explained HHS Secretary Kathleen Sebelius. "It’s an important part of our work to improve the health of our nation and drive down costs."

Sebelius also stated that everyone will benefit from these savings, meaning that health insurance quotes and healthcare costs across the board could be positively affected.