America spends more on healthcare than any other nation in the world. Numerically, that amounts to nearly $3.8 trillion - or close to 20% of the United States’ GDP (Gross Domestic Product). That number breaks down to more than $10k per person on average - per year - for every single person in the country.
The Harvard Consulting Group recently completed a study where their goal was to quantify and identify the abundant financial waste that exists in American healthcare today; and show the cost impact of an alternative, technological model - a model that could revolutionize healthcare spending as we know it.
Their research produced a whitepaper, which begins with a high-level glance at the existing healthcare landscape and moves from there, to an overview of the proposed solution: the API model. The paper then dives into a market analysis of the former versus the proposed, complete with tangible numericals demonstrating opportunities for cost savings.
Through this research, they discovered:
- Technology is 89% less expensive than the antiquated process that is usually highly dependent on phone calls, paperwork and manual intervention.
- By implementing an API model, the healthcare system has the potential to save more than $300 billion with respect to eligibility, referrals, claims and scheduling.
- Close to $400 billion is spent on administrative services along with services deemed later to be ‘unnecessary’.
For more information and to download the complete whitepaper, click HERE.
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Tags: Dev, Enterprise, Providers