Presently, the healthcare industry spends approximately 3 trillion dollars a year on services. One-third of this amount is wasted due to improper allocation or expenditure across all sectors. This means that we can account for nearly 1 trillion dollars that is being wastefully spent in the healthcare system process. By improving medical technology and the way that patients are treated, its possible to limit the amount of money that is being wasted.
This takes a broad scale change, but once imiplemented will have astounding results, Eric Lefkofsky of Tempus believes. One strategy to address this is to improve artificial intelligence and automation of healthcare systems and procedures. Many of the causes affecting mortality could be limited with a more precise use of such technology.
There are a lot of benefits to capitalizing on the the trillion dollars presently wasted in our system. For example, these funds can be allocated to education, poverty and other areas where humanity needs more assistance. It’s also possible to use savings to come up with a better strategy for treatment and healthcare options based on cost-effective technology and innovation.
Some of the results of allocating these funds in other areas would include more educated people, less people dying of fatal illnesses such as cancers or stroke, and less people in jail. This is because funds can be reallocated from health care to assist other areas of public service. Overall the way that our money is spent in the healthcare system can be put to a much better use. By taking the right steps towards designing and implementing technology not only can we change our outcomes in healthcare, but in all sectors of government and economy.
Erick Lefkofsky co-founded Tempus, a technology company focusing on infrastructure to battle cancer. He also co-founded Lightbank, a venture capital marketing initiative that focuses on new and developing technologies.This establishment has made significant progress when it comes to handling cancer-related treatments and technology. He is also a chairman of Groupon and has notable connections with multiple technology giants. By improving the way that healthcare funds are spent, Erick believes that it’s possible to improve society and create a multi-dimensional change within our infrastructure at large.