Surprise!: Investigators find Medicare paying 4x the average cost for off-the-shelf back braces (Wash. Post)

December 20, 2012 – A federal report released Wednesday offers a look at how wasteful spending drives up health care costs as investigators found that Medicare paid $919 on average for back braces that cost suppliers an average of $191 each. “The program and its beneficiaries could have paid millions of dollars less if the Medicare reimbursement amount … more closely resembled the cost to suppliers,” according to the report from the inspector general of the Department of Health and Human Services. It’s estimated that the health care system squanders $750 billion a year, about 30 cents of every medical dollar, through unneeded care, wasteful spending and fraud.

Link to Full Article: http://www.washingtonpost.com/business/investigators-find-medicare-is-paying-4-times-the-cost-for-off-the-shelf-back-braces/2012/12/19/46435afe-49b3-11e2-8af9-9b50cb4605a7_story.html

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