Report: Health-Care System Wastes $750 Billion A Year Due To Fraud, Paperwork


health-careThe U.S. health care system squanders $750 billion a year – roughly 30 cents of every medical dollar – through unneeded care, byzantine paperwork, fraud and other waste, the influential Institute of Medicine said Thursday in a report that ties directly into the presidential campaign.

President Barack Obama and Republican Mitt Romney are accusing each other of trying to slash Medicare and put seniors at risk. But the counter-intuitive finding from the report is that deep cuts are possible without rationing, and a leaner system may even produce better quality.

“Health care in America presents a fundamental paradox,” said the report from an 18-member panel of prominent experts, including doctors, business people, and public officials. “The past 50 years have seen an explosion in biomedical knowledge, dramatic innovation in therapies and surgical procedures, and management of conditions that previously were fatal …

Read a full report HERE.

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  1. The basis of the health care industry – insurance, drug companies, most doctors – is the profit motive. They are businesses, pure and simple. Since the business culture of this country has abandoned any ethical values in pursuit exclusively of money, what do you want? Business people will do what pays, unless they’re prevented. But we also don’t want regulation, so they can do it anyway. We now have a record number of bankruptcies due to medical expenses (not credit card abuse). So, we have to choose. Not choosing is also a choice.