It is a known fact that the United States is one of the worlds’ leading countries according to the cost of the medial bills. The prices of healthcare services are severely inflated, and this tendency results in the waste of the patients’ finances. In other words, the procedures that can be conducted for a much smaller sum of money are very expensive in the United States (Palmer, 2013). To be more precise, compared to any other type of business, healthcare does not particularly suffer from the inflation of the costs of the services. For instance, when a business inflates the prices for their products, there is a significant chance that they would lose clients to some other business in the same industry that has lower costs or offer products of higher quality.
In addition, the lack of efficiency leads to the waste of resources of this particular business will most likely end up spending more money in the production and that way waste the funds. In that way, businesses are very interested in the optimization of their production and operations in order to save the costs. In healthcare the inflated prices, as well as the inefficient delivery of services mainly result in the disadvantages for the patients who end up having to pay more money for the procedures that could have been conducted at a lesser cost.
Also, it is important to mention that the patients are usually unable to access the healthcare services with lower prices and thus are forced to pay the inflated medical bills. All in all, the insurance companies and the patients are the ones who suffer the most from this type of wasteful practice.
Reference
Palmer, P. (2013). Six Wasteful Practices in United States Healthcare Spending. Web.