Healthcare costs in the US are on the rise, with the industry spending billions each year to combat chronic disease, manage administrative tasks, and advance medical treatments. Although organizations have increasingly sought to improve care and streamline processes with big data analytics tools and research initiatives, healthcare spending continues to surge.
According to the Society of Actuaries (SOA), the US currently spends roughly 18 percent of its gross domestic product on healthcare, while other developed countries spend approximately 11 percent. However, despite high costs of care, the US still falls short on important quality measures: a 2017 study from the Commonwealth Fund ranked the US last in terms of overall quality of care compared to 10 similar countries.
Author: Jessica Kent