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This is larger than the GDP of Spain or Australia ($1.4 trillion each) or the entire GDP of Indonesia (population 268 million). Much waste is driven by the way US health care is organized, delivered, and paid for and, in particular, by the economic incentives in the system that favor volume over value. However, every other country with better life expectancy, except Costa Rica ($1,248.55), spends more than $1,355.61 per capita on healthcare. This means total US healthcare spending would be the world’s 5th biggest economy, ahead of India with a population 1.3 billion people. Yet this is exactly what happens when a rehab hospital or physician bills a third-party payer (or the government) for a service they do not provide. Despite efforts to reduce overtreatment, improve care, and address overpayment, it is likely that substantial waste in US health care spending remains. However, this is pretty unsatisfactory because the US has better than average world health outcomes. Therefore, 19 out of the 30 countries with better life expectancies than the US spend below the world average on healthcare as a share of GDP with Singapore at just 4.47% of GDP getting by far the best value for money of any country. We do not capture any email address.
Required fields are marked *. 25% of Total Healthcare Spending Attributed to Waste, Study Finds Humana and University of Pittsburgh School of Medicine researchers estimate that $760 to $935 billion of healthcare spending is wasteful, indicating a need for value-based care. Moreover, most other countries are only spending fraction over the world average. When a consumer pays for, but does not receive a product or service, we say they are a victim of fraud. The US Department of Justice reportedthat losses to fraud in 2014 alone amounted to $272 billion. You can download a PDF version for your personal record. –