The US healthcare industry could make huge savings if it focuses on reducing financial waste, according to an analysis by Thomson Reuters.

The firm’s recommendations include providing patients with a medical “home” to better coordinate care, eliminating a culture of fraud, encouraging patients to ask about healthcare costs and rewarding quality improvement initiatives.

Thomson Reuters say that this could help US hospitals reduce waste by 5% a year, adding up to $3.6tn over a decade.

Emphasis should also be placed on the individual, who should be encouraged to manage their own health to prevent diseases.

Savings can also be found by using of simple checklists to prevent medical errors and reduce the opportunities for fraud.

The analysis also suggests that hospitals should reduce fragmentation in the delivery of care, better coordinate care among specialists, cut administrative costs and create a culture of performance improvement.

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By GlobalData