It’s a long video, but Dr. Shiva offers a new, effective way to cut healthcare cost by something like 75%. It’s quite a sensible discussion.
No matter whether we keep the current healthcare payment system or change it, we need to find a different approach to the economics of healthcare. Currently, our system is philosophically based on Florence Nightingale’s 19th century findings.
Concerned about the high cost of healthcare? You’ve got to read this article from the Wall Street Journal. It explains how a hospital routinely just raised the cost of knee replacement surgery by 3% each year. There was no examination of whether there was a true 3% cost increase for them. Currently, this hospital in LaCrosse, Wisconsin was charging just over $50,000 for a knee replacement.
When company carefully audited how much a knee replacement procedure actually cost they followed all the healthcare workers noting all the time and procedures done. They saw what materials were used and what medicines were given. They did extensive examination of all aspects of the procedure. After all their analysis they found out that the knee replacement surgery actually cost $10,550. Pretty shocking, huh?
The article came out on Wednesday, August 22, 2018. The article is only fully available to subscribers. In a few days, you might be able to get it through your library. Publications often embargo articles to get you to subscribe.
I can’t help but wonder how many other procedures are overpriced. You’d think insurance companies would like to keep costs down, but I just learned that they don’t mind completely high priced healthcare because if healthcare was reasonably priced, people wouldn’t get policies. They’d just pay from their savings for common problems and get coverage just for catastrophic matters.