Aug
11
Medical Errors Annually Cost at Least $19.5 Billion Nationwide
11-08-2010
Tagged Under : Billion, Errors Cost, Medical Errors, Medical Errors Cost
Schaumberg, Illinois, August 9, 2010 – Findings from a new study released today estimate that measurable medical errors cost the U.S. economy $19.5 billion in 2008. Commissioned by the Society of Actuaries (SOA) and completed by consultants with Milliman, Inc., the report used claims data to provide an actuarially sound measurement of costs for avoidable medical injuries. Of the approximately $80 billion in costs associated with medical injuries, around 25 percent were the result of avoidable medical errors.
Report shows how 1.5 million medical errors compromise quality of American healthcare and cause unnecessary waste in the system
“This report highlights a singular opportunity for both improving the overall quality of care and reducing healthcare costs in this country,” says Jim Toole, FSA, CERA, MAAA and managing director of MBA Actuaries, Inc. “Of