The costly effects of how theft, fraud, and inaccurate patient ID impacts our healthcare system infographic created by patient ID leader M2SYS
Modern healthcare in the U.S. is undergoing tectonic changes. Plagued by sharply rising costs and rampant system inefficiencies, healthcare reform has taken center stage in a country that is increasingly re-focusing on domestic issues to lower debt and improve quality of life. As industry leaders, regulators, and the American public identify core problems that afflict our system, the basic framework of healthcare is rapidly adapting to technological advances that help to cut expenses and provide a more affordable, safer delivery model.
Total healthcare spending in the U.S. is the highest of any other country in the world. Recent figures estimate that approximately 17.3% of GDP is spent on healthcare and medical costs are rising faster than wages or inflation. Furthermore, it is estimated that 20% to 30% of healthcare spending is a “waste,” yielding no benefit to patients and driving costs even higher.
Although we tend to focus our attention on advances in technology, paying for the uninsured, administrative complexity, and lack of efficient provider communication as some of the main factors contributing to the exorbitant cost of healthcare in the U.S., you would be quite surprised at the amount of money and resources lost due to fraud, identity theft, and inaccurate patient identification systems. This infographic graphically illustrates how theft, fraud, and inaccurate patient ID impact our healthcare system. The numbers may surprise you.
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Featured image credit: http://prodimages.vertmarkets.com