Healthcare Efficiency: Business Roundtable

Healthcare Efficiency: Business Roundtable
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In discussing this study, John Iglehart, at Health Affairs blog, cites another study by McKinsey Global Institute that reaches many of the same conclusions. Interesting tidbits from this latter study:

1. We spend twice as much on healthcare as we do on food.
2. We spend more on healthcare than the Chinese spend on everything.
3. We spend more than could be expected, based on per capita GDP.
4. Healthcare spending has grown faster than the GDP almost forever.
5. Outpatient care is the fastest growing component. (7.5% vs 6.0% for inpatient care.)
6. Specialists comprise 64% of U.S. physicians vs 66% in OECD countries.
7. U.S. specialists earn 6.5 time per capita GDP vs the 3.9 % OECD average.
8. Healthcare spending in Japan may double in the next two decades, driven by technology, wealth, and demographics.
   

The bottom line picture you come away with is that healthcare expenses in the U.S. are higher than any other country, and the reasons are everywhere. We get more healthcare, pay more for every aspect of care, and lack any control on costs--either from a top down government ownership or market competition. And this situation may well sink our economy unless we correct it soon.