Thomson Reuters: $700 billion in wasted healthcare costs annually -- UPDATED

Another report quantifying the staggering waste in our US healthcare system, "the best in the world". This one is from Thomson Reuters, and is awfully similar to that from PwC. They estimate that the waste is between $505 and $850 billion annually.

Because a picture is worth a thousand words, I created this graph based on their estimates. Enjoy!

Silly me, cannot upload an Excel graph into the blog, so here are the numbers:

Paper record/test duplication	6%
Overuse	37%
Fraud	22%
Administrative inefficiency	18%
Medical errors	11%
Preventable conditions	6%