Healthcare spending is a major concern in the United States, as it accounts for a significant portion of the country’s GDP and is more than any other country. However, it is still unclear what the sources of wasteful spending are and how they can be addressed.
In a systematic review, 25% of total health care expenditure in the US healthcare system has amounted to wasteful spending, ranging from an estimate of $760 billion to $935 billion. The wasteful expenses that created were from factors like failure of care delivery, failure of care coordination, overtreatment or low-value care, pricing failure, fraud and abuse, and administrative complexity. The projected potential savings from targeted measures to reduce waste were estimated to be only $191 billion to $282 billion (25-30%), but this estimate excludes savings from administrative complexity, as there were no studies that directly addressed this. There is no use of spending a fortune on the medicine if they are not going to the people who deserve it and in a very legal and orderly fashion. Not like the rich get preference or the poor get neglected.
The United States must do something to change this and with these statistics, it is clear that the healthcare money is being wastefully spent and there is room for improvement in the health care and medical industry. This step will ensure the proper delivery of the services to the people who actually need it and deserve to get it.
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