Health care payers spend approximately $500 billion per year on billing and insurance-related costs annually, and as much as $250 billion of that is wasted in excess administrative spending.

The U.S. health care system could save 60% in billing costs by standardizing and simplifying contracts between providers and insurers, a new study has found. The report, published in Health Services Research (HSR), and summarized at the blog The Incidental Economist, suggests that there are ways to bring down health care costs without radically changing the U.S. health care system.

According to the Center for American Progress, health care payers and providers in the U.S. spend approximately $500 billion per year on billing and insurance-related (BIR) costs annually, and as much as $250 billion of that is wasted in excess administrative spending.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.