Forbes March 9, 2020
In 1970, healthcare spending represented 6.9% of U.S. GDP. Last year, findings from Centers for Medicare & Medicaid Services showed healthcare spending in the U.S. was expected to reach $3.8 trillion, representing 17.8% of GDP. It’s a sobering figure, and one that is only expected to rise during the coming years. Managing this spending is central not only for the health of the industry, but also for the U.S. economy.
For decades, the healthcare industry operated on a fee-for-service model. Costs soared in large part due to inefficiencies in the supply chain and care delivery related to this volume-based model. As a result, the U.S. is known for spending much more on healthcare than other countries, while delivering lower quality...
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