Some of the savings proposed Monday mirror ideas already under consideration in Congress, including reducing the number of hospital readmissions, increasing the use health information technology and preventing chronic diseases. They also propose streamlining administrative processes, reducing medical errors and promoting comparative effectiveness research.

“We have convened seven all-day meetings and multiple conference calls to discuss what we can contribute, both individually and collectively, to help achieve that challenging goal,” the groups said in a joint letter. “We have made solid progress. Individually and together, our organizations have developed initiatives that will help move the nation toward achieving the Administration’s goal and we intend to keep working.”

The groups represent key sectors in the health care reform debate, including physicians, hospitals, workers, insurers and pharmaceuticals.

Obama announced their working group last month during a White House event, and has touted it as an example of how one of the key challenges facing his bid to overhaul health care – reducing the high rate of spending – can be achieved in unique ways.

The announcement was initially greeted with deep skepticism on Capitol Hill, given the minimal success of past efforts by the health care industry to voluntarily reduce their costs. In the days after the announcement, several organizations appeared to back away from the commitment, telling their members that they had not pledged to reduce the annual rate of spending by 1.5 percentage points during each of the 10 years, as Obama had said.

Eventually, the six groups and the White House acknowledged that there would be a “ramp up” period to achieve the savings.

The fact that they met their June 1 deadline to return to the president with more detailed proposals will be viewed as a win for Obama.

It’s unclear how much of what the six groups proposed Monday would be enforceable, which health care experts say is the only way to guarantee the savings are sustainable.

“Some of these proposals can be achieved under current law,” the letter stated. “The success of others will depend upon good public policy. We are committed to doing our part to make the system more affordable and effective for the nation. Our initiatives demonstrate that commitment, and we will work very hard to see them implemented.”

The six groups include the American Medical Association, the American Hospital Association, the Pharmaceutical Research and Manufacturers of America, Advanced Medical Technology Association and Service Employees International Union.