Waste Accounts for 25% of Health Care Spending. Addressing Fraud and Abuse Can Help.

It already hurts to hear that the United States spends more on health care than any other country, with costs approaching 18% of the gross domestic product and more than $10,000 per individual.

A report published last week in The Journal of the American Medical Association makes those numbers even more painful as it reveals the estimated cost of waste in the United States ranges from $760 billion to $935 billion, accounting for approximately 25% of total health care spending. This amount exceeds national military spending, as well as total primary and secondary education spending.

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The Rise of Healthcare Payment Innovation

As healthcare undergoes a rapid digital transformation, we can expect to see the modernization of outdated payment models. The consumer demand for payment convenience has become a top priority for insurers, carriers, and all businesses in the healthcare industry. While selecting health insurance based on health status is important, consumers are also shopping for a plan that fits their digital lifestyle.  

Here’s how Softheon is paving the way in payment innovation: 

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