It is estimated that today, roughly one third of all healthcare spending is wasteful, providing no benefit to patients — and that wasted money amounts to a humbling $1 Trillion. Further, studies show that hospitals waste $12 Billion per year on poor communication.
With increasing numbers of big name hospitals reporting decreases in operating margins, this is an alarming trend. But where is all of this money going? According to a recent Forbes article, a few of the biggest culprits of the dismal state of hospital financial health are: “purchasing redundant, expensive medical equipment … and … tolerating massive inefficiencies in care delivery (see ‘the weekend effect’).”