When valuable resources are in a limited supply, we find the best ways to maximize them and reduce the chances of wasting them. We do this with tangible resources like water and energy, as well as intangibles like time and influence. For example, an idling car consumes fuel just like a moving car; but only one of those cars achieves its intended purpose of reaching a destination.
Healthcare delivery is resource intensive―and one where an inordinate amount of waste occurs. Research from the Institute of Medicine suggests that over half a trillion dollars are wasted in the United States alone from sources such as unnecessary services, improper pricing, excessive administration and inefficient service delivery. The United States spends more on healthcare than many other nations, but our outcomes fall well behind those other nations. There are plenty of reasons as to why this occurs, including complex insurance structures, medication costs, and rapidly evolving, inconsistent regulations to name a few. » Continue reading