Healthcare in USA costs nearly twice as much as other rich nations

Healthcare in US costs 2x as much as other rich nations

In the USA, the average salary was $218,173.

Inequalities in innovation, costs and outcomes may be reasons the US lags behind other high-income countries, Stephen Parente of the University of Minnesota writes in an accompanying editorial.

In addition, despite poor population health outcomes, quality of healthcare delivered once people are sick is high in the U.S.

Other causes of unneeded spending are the overuse of expensive health services, low social spending, and the lack of an adequate number of primary health physicians.

Recent attempts to reform American healthcare have assigned blame for the high cost of care to almost every sector - from drug companies to hospitals to health insurers.

The study will be published March 13, 2018 in JAMA (Journal of the American Medical Association).

The study by researchers at Harvard University and the London School of Economics disputes the long-held belief U.S. costs are high because patients see doctors too often or otherwise abuse the healthcare system. "This gap and the challenges it poses for American consumers, policymakers, and business leaders was a major impetus for healthcare reform in the US, including delivery reforms implemented as part of the Affordable Care Act", said senior author Ashish Jha, K.T. Li Professor of Global Health at Harvard Chan School and Director of the Harvard Global Health Institute (HGHI).

'The reasons for these substantially higher costs have been misunderstood: These data suggest that numerous policy efforts in the U.S. have not been truly evidence-based, ' Dr Jha said.

For this study, Woskie and her colleagues pulled together comprehensive data comparing USA health care against that of 10 other leading countries - the United Kingdom, Canada, Germany, Australia, Japan, Sweden, France, the Netherlands, Switzerland and Denmark. However, on a per capita basis, the United States spends much more than any other country: $9451 in 2015, compared to Germany's $5267. Health care accounts for nearly 18% of the U.S.'s GDP, compared to 9.6% to 12.4% in the other developed countries, the paper says. He notes, for example, that while USA doctors make high salaries, there are fewer doctors per capita than in other countries, so the total cost of paying doctors isn't far out of line with countries like Germany or The Netherlands.

Meanwhile, US life expectancy in the US was the lowest of all 11 countries in the study, at 78.8 years.

But commonly held beliefs for these differences appear at odds with the evidence, the study found.

The U.S. had a lower percentage of its population covered by health insurance (90 percent) than those other rich countries, where 99.8 percent to 100 percent were covered.

The American numbers for physician and nursing workforce and number of hospital beds were similar to the other nations.

Bank of America Corp (BAC) Sees Large Growth in Short Interest
It is negative, as 68 investors sold BAC shares while 569 reduced holdings. 62 funds opened positions while 102 raised stakes. ValuEngine downgraded Bank of America from a "buy" rating to a "hold" rating in a research report on Tuesday, January 16th.

Microsoft Women Filed More Than 200 Harassment and Discrimination Complaints
Of course, Microsoft refutes the claims and only deems one of the gender discrimination complaints out of 118 of them "founded". Google also faces a similar complaint from women who taught employees' children at the company's childcare centre.

Pretium Resources Inc Ordinary Shares (canada) (NYSE:PVG) Stock Is Shorted More
ValuEngine cut shares of Pretium Resources from a "hold" rating to a "sell" rating in a research report on Friday, February 2nd. Earnings-per-share growth gives a good picture of the rate at which a company has grown its profitability per unit of equity.

The US spends about three times more on healthcare, per capita, than the UK.

With only 2.9 beds per 1,000 people, the U.S. falls way below other developed countries, especially compared to Japan's 13.2 and Germany's 8.2.

Despite this, the USA still lags behind all other developed countries when it comes to the quality of said healthcare.

Infant mortality in the USA was the highest of any country in the study.

America has "the best outcomes for those who have heart attacks or strokes, but is below average for avoidable hospitalizations for patients with diabetes and asthma", said the report.

Instead, high prices for labor and goods, including drugs, procedures and administrative services, seemed to be the major reasons, according to the analysis.

Administrative costs on health care consume 8 percent of the U.S.'s GDP, compared to a range of 1 percent to 3 percent in other countries.

The US also spend more money on drugs, with each American spending more than $1,443 a year on pharmaceuticals, while others nations spend between $466 and $939.

Some individual USA states, however, have outcomes on par with other high-income countries. Prices of drugs like cholesterol-lowering Crestor or diabetes medication Lantus were more than twice as high in the US than in other countries.

"As the USA continues to struggle with high healthcare spending, it is critical that we make progress on curtailing these costs. Global comparisons are very valuable-they allow for reflection on national performance and serve to promote accountability", said first author Irene Papanicolas, visiting assistant professor in the Department of Health Policy and Management at Harvard Chan School.

Get the latest health and science news, plus: burning questions and expert tips.

Jha said whether the United States moves toward more private healthcare, as advocated by Republicans, or to single-payer healthcare, as advocated by liberal Democrats, price tags on all American health services need to be addressed.

Related:

  • Technical Roundup On Two Stocks - Exxon Mobil Corporation (XOM), DURECT Corporation (DRRX)

    Technical Roundup On Two Stocks - Exxon Mobil Corporation (XOM), DURECT Corporation (DRRX)

    The stock of Exxon Mobil Corporation (NYSE: XOM ) earned "Overweight" rating by Barclays Capital on Tuesday, October 10. The rating scale runs from 1 to 5 with 5 indicating a Strong Sell, 1 indicating a Strong Buy and 3 indicating a Hold.

    Alibaba Group (NYSE:BABA) Stock Rating Upgraded by Vetr

    Gilliland Dwight Gary sold $149,068 worth of Laboratory Corporation of America Holdings (NYSE:LH) on Monday, October 30. Jefferies maintained Laboratory Corporation of America Holdings (NYSE:LH) on Tuesday, March 6 with "Hold" rating.
    Broncos expected to give Case Keenum 2-year, $36M deal

    Broncos expected to give Case Keenum 2-year, $36M deal

    It would be a disastrous turn of events if they lost out on both Keenum and Cousins, the apple of their eye. The quarterback led the Redskins to the postseason in the 2015 season, but he has no career playoff wins.
  • Sirius XM (NASDAQ:SIRI) Earns Media Impact Rating of 0.10

    The stock has a market capitalization of $29,380.00, a price-to-earnings ratio of 47.14, a P/E/G ratio of 1.83 and a beta of 1.10. OllieƂ's Bargain Outlet Holdings, Inc. operates as a retailer of brand name merchandise. (SIRI) opened at $6.54 on Friday.
    Colombia peace deal backers suffer in Congress elections

    Colombia peace deal backers suffer in Congress elections

    The polls serve as a preview for presidential elections in May, and a strong right-wing showing could put the peace deal at risk. Santos, who signed the peace agreement with the FARC in November 2016, is stepping down as president in August after two terms.
    VBS board chair Matodzi resigns after bank placed under curatorship

    VBS board chair Matodzi resigns after bank placed under curatorship

    Following the briefing on Sunday, Treasury issued a statement indicating that curatorship is a better option than liquidation. Officials at VBS Mutual Bank could not immediately be reached for comment.
  • Swedbank Decreased Its Halliburton Co (HAL) Holding; First Bancorp Has 2.71 Sentiment

    Currently, the stock carries a price to earnings ratio of 6.64, a price to book ratio of 0.68, and a price to sales ratio of 1.93. According to their observations and findings, the stock could provide a high EPS of $0.51/share and a low EPS of $0.38/share.
    Marcus Smart Out Indefinitely With A Torn Tendon In His Right Thumb

    Marcus Smart Out Indefinitely With A Torn Tendon In His Right Thumb

    Smart will head to the Big Apple to have another examination done on his right thumb, according to NBA.com's David Aldridge. Theis was averaging 5.3 points and 4.4 rebounds in 63 games this season, playing behind Al Horford and Greg Monroe .
    Five in fray for four Rajya Sabha seats in Karnataka

    Five in fray for four Rajya Sabha seats in Karnataka

    Goyal said the BJP delegation informed the EC about?irregularities? in nomination forms of Rathwa and also Valera. Senior Congress leader Shaktisinh Gohil told the media: "In the end, it is Satyameva Jayate (victory for truth)".
  • Eagles release Brent Celek after 11 seasons

    Eagles release Brent Celek after 11 seasons

    Prior to the 2016-17 season, the Eagles and Johnson agreed to a six-year, $63 million contract with over $35 million guaranteed. Philly drafted him in the fifth round in 2007 and spent his entire 11-year National Football League career with the team.
    Blake Shelton says you should

    Blake Shelton says you should "Hide the Wine" from Kelly Clarkson

    Stephanie ultimately picked Adam because she believed he could help her embrace the feeling of songs rather than technicality. But since Kelly didn't turn her chair around, Stephanie was forced to pick another coach to advance in the competition with.
    Former Patriots cornerback Malcolm Butler to sign with Titans

    Former Patriots cornerback Malcolm Butler to sign with Titans

    Between those career landmarks, Butler started 54 of a possible 55 games and played more defensive snaps than any Patriots player. According to a report from ESPN's Adam Schefter , Butler will with the Tennessee Titans when free agency officially opens.

Comments

Latest news

Teddy Bridgewater signs with New York Jets
Plenty of teams will look to trade up for a quarterback, including the Buffalo Bills at 12 and the Arizona Cardinals at 15. McCown started 13 games for the Jets in 2017, throwing for 2,926 yards with 18 touchdowns and nine interceptions.

Paramore Play Stephen Curry's 30th Birthday Party
The Warriors are banged up right now, but some good news comes in the form of a relatively lighter schedule in the week ahead. That's right, on March 14 Curry will have his birthday on the same night that his team takes on the Los Angeles Lakers .

Harry Kane facing six-week layoff
Kane got his foot caught under goalkeeper Asmir Begovic after half hour at Bournemouth and had to be taken off. Tottenham return to action against Swansea in the FA Cup at the weekend without their talisman.

Google Assistant for iPad cranks up Siri's competition
Consumers can ask Google assistant to check the weather, control smart home devices, cast content to TVs via Chromecast and more. This update is merely for the app shortcut listing on the Google Play Store , bringing the APK's minimum API level down to 21.

Microsoft Corporation (MSFT)'s Trend Up, Especially After Today's 52-Week High Milestone
Microsoft Corporation ( MSFT ) have shown a high EPS growth of 6.30% in the last 5 years and has earnings rose of 29.10% yoy. ValuEngine raised shares of Microsoft from a "hold" rating to a "buy" rating in a research report on Sunday, December 31st.

Federer wins, 'weird' loss for Djokovic
Moreover, Djokovic was handed just his fifth defeat to a player outside the Top 100 of the ATP Rankings in the past decade. Once the third set began, it didn't take long for most observers to realize that it was Daniel's match to lose.

Sealing issue: Kejriwal holds all-party meeting to find solution
The sealing drive in the national capital has hit the traders, who have been agitating against it. This is published unedited from the PTI feed.

UVA loses De'Andre Hunter to injury
He averaged 9.2 points, 3.5 rebounds and shot 48.8 percent from the field this season along with being their best overall athlete. Hunter's departure leaves No. 1 seed Virginia (31-2) with only seven rotation players heading into the NCAA Tournament.

Bengals bolster O-line in trade with Bills, move back in draft
The Bills also have the No. 22 pick, acquired previous year from the Chiefs when Kansas City traded up to select Patrick Mahomes. Dalton was sacked a total of 39 times past year , which was tied for the sixth-highest total of any quarterback in the NFL .

Spitting Carragher on the ropes
Reports said that some of Carragher's spit hit the face of the girl, who was sitting in the passenger seat. We wanted an apology and an explanation.

United Airlines apologise after dog dies in overhead locker during flight
The French bulldog was traveling Monday with its owner and her children from Houston to NY . United Airlines provided NBC 5 with a statement, expressing regret for the incident.

RBI bans all Indian banks from issuing LoUs, LoCs
A senior banker said, "For import of rough diamonds, big suppliers accept only advance remittance". Commuters walk past a bank sign along a road in New Delhi in this November 25, 2015 file photo.

Porn star's lawyer says Trump missed settlement offer deadline
Clifford filed a lawsuit in Los Angeles last week that sought to invalidate the agreement so she could "set the record straight". Daniels sued Trump last week, contending that the nondisclosure agreement should be voided because Trump never signed it.

Exposure to Lead could Cause Heart Attacks
These subjects were also 70 percent more likely to die from CVD, and their risk of death from heart disease was doubled. Lead was once routinely used products like gasoline , paint and plumbing and persists in the environment.

International Business Machines Corp. (IBM) Stake Lessened by Cambridge Trust Co
Waddell acquired 610 shares of International Business Machines stock in a transaction that occurred on Wednesday, January 31st. It fall, as 17 investors sold GNW shares while 77 reduced holdings. 65 funds opened positions while 178 raised stakes.

Other news