According to new research conducted by Reuters, the U.S. health care system wastes between $505 billion and $850 billion every year. Let’s put that into a little context: That’s one-third of the nation’s annual health care bill. Here’s what we’re talking about: $300 billion wasted on unnecessary care like extra antibiotics to protect doctors against malpractice exposure. $200 billion in fraud, like fake Medicare claims or kickbacks for referrals for unnecessary services. Hundreds of billions for redundant paperwork, medical mistakes and preventable conditions like uncontrolled diabetes. Heck, even clinging to a paper-based system that stops doctors from easily sharing of medical records accounts for 6 percent of annual overspending.
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