SOURCE: Matthew Kirk Access Financial Markets
LANCASTER, PA--(Marketwire - Oct 16, 2012) - Healthcare has proven to be a major topic of conversation, and in some instances contention, in 2012, largely stemming from the Supreme Court approval of the historic Affordable Care Act, as well as the legislation's continued implementation. Debate over the issue of healthcare is centered largely on its cost, with many healthcare industry insiders agreeing that healthcare is too expensive, but disagreeing over how best to curb those costs without sacrificing the quality of service. A new report finds that one answer may be the elimination of excess waste; in fact, the report finds that, on an annual basis, the American healthcare system wastes hundreds of billions of dollars. The report has won the attention of Matthew Kirk of Access Financial Markets.
The new report surveys healthcare spending data from 2009. What the report finds is sobering -- that for that calendar year alone, the United States healthcare system wasted as much as $750 billion. This waste stems largely from medical tests and treatments that are either overpriced or altogether unnecessary. Other factors include administrative fees as well as medical fraud. The report also weighs missed opportunities for prevention.
The report has drawn the attention of many healthcare industry professionals, among them Matthew Kirk of Access Financial Markets. Kirk has many years of experience in healthcare benefits administration, and currently serves as President of The Benecon Group. Matthew Kirk has responded to the new report with his own press statement, offering one suggestion for curbing healthcare waste. "One method to address cost efficiency is to bring the provision of healthcare and the financing of healthcare closer together," says Matthew Kirk. "Such models will become more prevalent in the years ahead."
The new healthcare waste report, released by the Institute of Medicine, puts the excess spending into context. According to the data in the report, the dollars wasted could have supplied medical insurance to more than 150 million American workers. Or, the wasted money could have covered the salaries of all of America's first responders for an entire twelve year period.
The report notes that the United States spends more than twice as much money in healthcare costs, per person, than other industrialized countries do. This is despite the fact that the United States is the only developed country that does not provide basic health insurance to all of its citizens. Another troubling statistic is that, out of the five nations that spend the most money on healthcare, the U.S. has the lowest life expectancy rate.
Matthew Kirk, formerly of Access Financial Markets, is currently President of The Benecon Group, Inc., a leading benefit administration and consultation company. Benecon has developed and administers 15 self-funded health benefit consortia and offers a range of services as a general agent to many commercial and select Blue carriers. Before coming to Benecon, Matthew Kirk was a Managing Director at Access Financial Markets, Inc. specializing in financial consulting and interest rate swap advisory. At Benecon, Mr. Kirk helps provide insurance services to more than 400 different agencies.