Billions Of Dollars Wasted Due To Health Insurance-Related Paperworks
According to a report, the medical billing paperwork and insurance-related red tape cost the United States’ economy approximately $471 billion in 2012. Among those billions spent, 80 percent of it was reported to be of a waste due to the inefficiency of the nation’s complex, multi-payer way of financing care.
The researchers, which are physicians and health policy researchers from University of California, the City University of New York School of Public Health, and Harvard Medical School, suggested that a single-payer system of financing health care similar to that used in Canada or the United States’ Medicare program will lessen expenses on health insurance-related paperworks. According to the said researchers, implementing such system could approximately save $375 billion annually, or more than $1 trillion over three years.
Wasted money on too much health-insurance-related paperworks
With the billions of dollars that could be saved, these can be used to cover everyone who is currently uninsured as well as to upgrade coverage for the tens of millions of Americans who are currently have inadequate policies with no increase in national spending. Aside from using it to cover uninsured Americans, these can also help the homeless or the needy by organizing orphanages for the children or at least a house that would provide free food for the homeless for even just once a day. Also, these can also help Americans who became victims of various kinds of harassment and depression that are too weak to be able to survive on their own, such as Japanese and Korean comfort women.
The four-member research team greatly points out that if the United States decides to adopt a simplified health care financing system, either along the lines of Canada’s system or their Medicare program – 80 percent of those itemized expenditures would disappear.
The potential savings of adopting a single-payer system is very striking and with the use of such, the United States can possibly enjoy powerful economies of scale, sharply reduce the burdens of claims processing, and obviate the need for marketing, advertising and underwriting expenses.
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