Life Insurance Think Tank Blog » How Much Money Is Wasted In Health Care Each Year http://blog.lifeinsurancethinktank.com Life Insurance Education Sat, 22 Jun 2013 22:11:18 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 How Much Money Is Wasted In Health Care Each Year? http://blog.lifeinsurancethinktank.com/how-much-money-is-wasted-in-health-care-each-year/ http://blog.lifeinsurancethinktank.com/how-much-money-is-wasted-in-health-care-each-year/#comments Wed, 07 Nov 2012 08:36:52 +0000 Life Think Tank http://blog.lifeinsurancethinktank.com/?p=400 A recent report by the Institute of Medicine revealed some startling information on the amount of money wasted each year in our health care system.  The total number was as staggering $750 Billion, or about 30 cents of every medical dollar that is lost through things such as unneeded care, unnecessary paperwork, fraud, etc.  This study by the Institute of Medicine studied this negative health care phenomenon for 18 months which found the following breakdown in the $750 billion wasted:

  1. $210 billion in unnecessary services
  2. $190 billion in excess admin costs
  3. $130 billion in inefficient delivery of care
  4. $105 billion in inflated prices
  5. $75 billion in fraud
  6. $55 billion in inflated prices

Regardless of what party is in power in the white house, the need to clean up this health care mess is high.  No business is ever 100% efficient, but a $750 billion loss per year (and growing) is obnoxious and must be addressed.

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