One thing the pandemic has shown is that health care is an ever growing and changing sector. New patients, data, and technologies are reshaping the industry. As Kiplinger puts it, medical technologies are “transforming how we treat and care for our bodies” and creating great opportunities along the way.
But a central problem weighs down the sector: Being a heavily services oriented industry, more than one-third of expenses go to administrative tasks, the vast majority of which is handled by personnel. This is far more than in many other developed nations, and much of it is redundant, creating an unnecessary burden for providers. Even these figures may be an underestimation, an article published by JAMA reports. So how much money is the industry pouring into these costs? Annually, $1.1 trillion — and of that, nearly half is “excess,” a study found. This represents about $500 billion that can be avoided.
For the full article, please click here: