In America, we spend more money on health care than any other nation. In fact, taken as a percentage of gross domestic product (GDP), we spend more than twice as much as other developed nations.
Why is that? What are the key factors that have made health care so expensive in America?
Based upon your learning here and your own experiences with the healthcare industry, what are your own ideas for reducing healthcare costs in America?
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Healthcare is twice as much in any other country. If the healthcare sector was ranked as a country it would be the fifth largest according to economy in the world according to Investopedia. The cost of this financial burden is due to lost wages, higher premiums, taxes, and out of pocket expenses that cost more than $8,000. With all the money that is spent on healthcare it is ranked at number 37 in the healthcare system. Healthcare is expensive because of administrative cost, the cost of medicine, the practice of defensive medicine, the expensive mix of treatments that are used, staff wages and work rules, and branding based on the payer. The cost of healthcare can be reduced by saving money on medicine, keeping patients informed, lowering the number of medical test, increasing competition, and taking care of one’s own health because our daily activities such as our diet, alcohol, and smoking to name a few causes health issues.
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