In an increasingly global economy, the efficiency of the U.S. health system ranks poorly. The U.S. spends nearly twice as much per-capita on healthcare than other industrialized nations without a corresponding gain in outcomes, according to the Organization for Economic Co-operation and Development (OECD).
Waste in healthcare spending is widely recognized as a major problem facing the industry. Yet ferreting out waste is controversial, since waste reductions in one area frequently lead to more waste in another. Tradeoffs between competing demands and conflicting values frequently make efforts to improve efficiency in spending intractable.
As a professional charged with the financial well-being of your organization, identifying wasteful spending, addressing barriers to higher efficiency and laying a foundation for maximizing your budget dollars—in a way that does not impact patient care--is critical.