Analysis Cutting Waste Could Save Healthcare Industry Trillions

06.14.10 |

Taking simple steps to slash wasteful spending could save the U.S. healthcare industry around three-point-six-trillion dollars over ten years. A healthcare analytics team at Thomson Reuters talked to clients in the health industry and looked at prior studies on reducing waste for their analysis. They found some of the biggest ways to cut costs include reducing opportunities for fraud and medical errors. The analysis suggests medical professionals should consider using simple checklists to prevent errors, which cost the industry 50 to 100-billion dollars a year. The Thomson Reuters study also cites electronic records and online medical portals as ways to improve patients' quality of care while significantly reducing administrative costs. The full report is published online at factsforhealthcare.com.