Affects of Costs
Are these advanced technologies expensive?
The medical device industry is very competitive which means the healthy competition between companies result in lower priced products. "Medical device prices in the U.S increased an average of 1% between 1989 and 2010- a rate less than one quarter the rate of prices for other medical goods and services" (Banova).
Does technology increase medical error?"The total national cost of preventable adverse medical events is between $17-$29 billion dollars annually ("The impact of medical technology on healthcare today."). This does not have a correlation with technology.
Has more technology caused an increase in the amount we spend on technology?Spending's on advanced technology has remained constant from 1992 to 2010 (Banova). This means that despite the overwhelming amount of new technologies being introduced to the medical field, there has not been a dramatic increase in the amount of money that is spent on new technologies overall. |
How has technology affected health care costs?In 1975, the annual spending on health care was $75 billion. In 2005, the annual spending had increased to $2 million. Then in 2015, the annual spending on heath care in the United States had doubled to $4 trillion spent ("Snapshots: How Changes in Medical Technology Affect Health Care Costs.").
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Health Care in the United States has been on the rise since 1965. The last data was collected in 2010 with Americans spending nearly $2.6 trillion. The projected spending's are shown for 2015 and 2020 (Healthcare Spending on the Rise as Americans Age.).
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