Medical Expenses In USA High Among Developed Countries
It is well known that medical expenses in the United States are very high among developed countries. According to a study by Harvard University, the high cost of healthcare in the United States was different than previously thought. The factors that had been assumed up to this point were that there were many medical consultations and hospitalizations and that there were many expensive medical procedures because there were many specialists by organ.
However, these factors have been denied in the results of the Harvard study. Because of comparing with 10 other developed countries, it has been found that the number of visits and hospitalizations to medical institutions in the United States is small.
In the United States, there is no need for organ specialists, and the ratio of primary care specialists to organ specialists is almost the same as the average for the other 10 developed countries. And it wasn’t the frequency of expensive medical procedures. The ratio of hospitalization medical expenses to the total medical expenses in the United States is about 10%, the lowest among developed countries.
The cost of healthcare in the United States is high, but it is not the case that health outcomes are good. In the Harvard study, the average life expectancy of Americans was lowest compared to other 10 developed countries. Recently, we also face the fact that the average life span has fallen for the first time in history. Access to medical institutions is not good either. In addition to emergency consultations, we often must wait several weeks for regular outpatient visits.
Reasons for huge amount of medical expenses in America that do not improve outcomes like this are concentrated in the following three
- Management Costs in Medical System
- Expensive Drug Costs
- High Salary of Doctors
Executive committee Orders Health Care Companies to Be More Transparent in Terms of Fees & Pricing
Earlier on June 24, 2019, one of the executive committee has signed an executive order to compel disclosure of health-care prices and other fees charged by healthcare companies, agencies, doctors and others.
Healthcare costs are getting higher day by day and lack transparency. This order will pressurize healthcare companies and other providers to be more transparent in terms of pricing and fees.
According to NPR, that Hospitals will be required to publish prices that reflect what people pay for services. You will get great pricing. Prices will come down by numbers that you wouldn’t believe. The cost of healthcare will go way, way down.
United States Secretary of Health and Human Services, Alex Azar said that the president knows the best way to lower costs in health care is to put patients in control by increasing choice and competition. It directs the agency to draft a new rule that would require hospitals to disclose the prices that patients and insurers actually pay in “an easy-to-read, patient-friendly format
Customers normally know the cost of something before they make a buy, yet human services costs have verifiably been covered in mystery. Now hospitals must publish the prices paid by people for the service delivered. This will improve transparency and will make healthcare costs to go way down.
This order also directs The U.S. Department of Health and Human Services (HHS) determine additional supervisory steps need to be taken to address healthcare billing while observing other barricades that influence transparency in healthcare costs.