According to a recent report from HealthCostCrisis.org that tracks and forecasts healthcare spending in America in real time, the current healthcare spending in the U.S. reaches over USD420 million per hour, which is increasing minute by minute and is predicted to worth USD12 trillion by 2040. Created by West Health, the HealthCostCrisis.org is a family of non-profit and nonpartisan organizations. The site involves tools to gauge the impact of the mounting cost of healthcare on patients and their families, businesses, employees, critical government programs like Medicare and the U.S. economy.
The latest report from the Centers for Medicare & Medicaid Services also reported that the U.S. currently spends about twice as much as what other high-income nations do on healthcare. Last year, the spending reached over USD 3.6 trillion. Despite the higher spending, the U.S. consistently ranks near the bottom on major health indices like life expectancy and infant mortality. On the basis of per person, healthcare spending is growing with multiple of twice rate than household income driving over 57 million Americans to reduce household spending to pay for healthcare or medicine. With 45 percent of American adults, reports revealed that they fear a major health event in their household could lead to insolvency.
West Health Chief Strategy Officer Tim Lash said that Americans are simply paying too much and getting too little for all they are spending on healthcare. The good news is we don’t have to discover our way out of this crisis. Common-sense solutions can be enacted that would have an immediate and meaningful impact on the health and wealth of every American, he added. In this regard, West Health supports evaluates that require providers to discontinue fee-for-service practices and move to value-based care; reinforce Medicare to directly negotiate drug pricing that it is currently prohibited from doing; and generate true price transparency for patients, businesses and the government.