We spend nearly $2.5 trillion per year on health care in this country. That equates to 15% of GDP or approximately $8,000 per person. In fact, our country spends the 3rd most in the world on health care. Are we getting the appropriate value in exchange for this expense? The U.S. is ranked 37th in the world for the overall quality of our health care. Hence, the disconnect in the cost versus value chain.
It certainly makes sense for the Obama administration to take a comprehensive look at health care to attempt to figure out how and where we are getting short changed. Costs have steadily increased over the past decades to a dangerously high level today. Fewer employees are insured each year further complicating the problem. Both big and small companies face difficult choices. As a former corporate CEO, I wrestled with the issue over the past decade. Double digit health insurance cost increases are not sustainable in a tough economy Particularly disturbing is the issue of value received versus value paid-where's the beef? Let's get to the bottom of this issue before we hit 20% of GDP!