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$375B wasted on billing and health insurance-related paperwork annually

from Medical Xpress

Medical billing paperwork and insurance-related red tape cost the U.S. economy approximately $471 billion in 2012, 80 percent of which is waste due to the inefficiency of the nation's complex, multi-payer way of financing care, a group of researchers say. The researchers — physicians and health policy researchers with ties to the University of California, San Francisco, the City University of New York School of Public Health, and Harvard Medical School — note that a simplified, single-payer system of financing healthcare similar to Canada's or the U.S. Medicare program could result in savings of approximately $375 billion annually, or more than $1 trillion over three years. more


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