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The editors at Best Healthcare MBA Degrees decided to research the topic of:
The Business Of Healthcare
With insurance premiums continuing to rise, a population growing increasingly divided on how to fix the healthcare system, and public health taking a backseat to corporate interests, many are losing the hope for a healthy future. Healthcare costs are spiraling out of control, but where does this unprecedented amount of spending go? See how your healthcare dollars are spent and take a look at the profits of some key players behind the healthcare scene.
Healthcare: The Biggest Business Of Them All
- $1 out of every $6 spent in the U.S. is on healthcare
- $2.8 trillion: Estimated total U.S. healthcare spending in 2012
- Projected to hit $3.5 trillion in 2016
- At this rate, healthcare spending will account for 25% of the GDP by 2025
- 60% of bankruptcies in the U.S. are a direct result of overwhelming medical bills
- 3/4 of these bankruptcies are filed by individuals who have health insurance
Round And Round
- Tracking U.S. healthcare spending
- $765 billion: Estimated annual amount of wasted healthcare spending
- That's roughly 1/3 of healthcare spending!
- $210 billion: Amount spent each year on procedures performed entirely out of fear of liability rather than need
- $10 billion: Estimated amount hospitals overcharge Americans each year
- Where our healthcare dollars go:
- Hospital care: 31%
- Physicians and clinics: 20%
- Prescription drugs: 10%
- Dental and other: 7%
- Government administration: 7%
- Investment: 6%
- Nursing and continued care: 6%
- Other: 14%
Disease Profiteers
- 56%: Total increase in insurance provider profits in 2009, during the height of the economic downturn
- 2.7 million: Number of Americans who could no longer afford coverage
- Premiums for small employers increased 180% between 1999 and 2009
- 8% of insurance premiums go directly to insurance administration
- $390: Amount spent every second by healthcare lobbyists while fighting the healthcare reform bill in 2010
- 1,546: Number of healthcare lobbyists in D.C.
- That's 3 lobbyists for every member of Congress!
Key Players
By 2011 performance
Insurance industry
- UnitedHealth Group
- --Profits: $5.1 billion
- --Change from 2010: 11%
- WellPoint
- --Profits: $2.6 billion
- --Change from 2010: -8.3%%
- Humana
- --Profits: $36.8 billion
- --Change from 2010: 8.8%
Medical facilities
- HCA Holdings
- --Profits: $2.5 billion
- --Change from 2010: 104.2%
- Universal Health Services
- --Profits: $398.2 million
- --Change from 2010: 73%
- DaVita
- --Profits: $478 million
- --Change from 2010: 17.8%
Pharmaceutical developers
- Pfizer
- --Profits: $10 billion
- --Change from 2010: 21.2%
- Johnson & Johnson
- --Profits: $9.7 billion
- --Change from 2010: -27.5%
- Merck
- --Profits: $6.3 billion
- --Change from 2010: 628.5%
Pharmacy and other services
- Medco Health Solutions
- --Revenue: $1.5 billion
- --Change from 2010: 2%
- Express Scripts Holding
- --Revenue: $1.3 billion
- --Change from 2010: 8%
- Quest Diagnostics
- --Revenue: $470.6 million
- --Change from 2010: -34.7%
