By: Joel White, 3/6/15
Waste throughout the American healthcare system is bankrupting our nation. According to the Institute of Medicine, unnecessary health spending in the United States makes up about 30 percent of all health spending, or more than $750 billion. That's more than the federal government spends on defense and education combined.
Of that total, $200 billion is for unnecessary services like duplicate blood tests or MRIs, and $105 billion is for prices that are out of line with the market.
While this problem has many solutions, one is relatively simple -- encourage doctors, hospitals, insurers, and drug companies share their data with each other. Big data has already revolutionized industries like advertising and finance. Health care could be next -- if Congress frees the trove of healthcare data the feds control and reforms several antitrust laws that date back to the 19th century. Read more >>