Stacey Richter speaks with David Scheinker, PhD, to explore practical strategies for halving the administrative burden in healthcare. The discussion delves into the significant costs of healthcare transactions, the inefficiencies within the system, and actionable steps to reduce these costs. Key highlights include the potential of standardizing healthcare contracts, the role of telemedicine in building efficient systems, and the importance of competitive pressure in driving sector-wide improvements.

The episode emphasizes real-world examples and research-backed recommendations to illustrate the financial and operational benefits of reducing administrative waste in the healthcare industry.

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10:39 What's the quantitative administrative cost in an average transaction?

11:05 What's the quantitative administrative cost in a healthcare transaction?

11:58 What does the healthcare billing and administration cost add to the US's overall healthcare spend?

12:53 Is it possible to cut billing and administrative costs in healthcare?

14:17 "In some ways, the problem for healthcare should be simpler."

15:30 What does the complexity of the current system look like in a doctor's office?

18:42 How did David go about studying healthcare administrative costs?

21:34 "It doesn't have to be simple; it should be standardized."

24:50 What would be the pushback on standardizing contracts in healthcare?

25:43 Why is it possible to gain more value by losing customization in contracts?

27:20 "Never let a good crisis go to waste."

27:41 "It's much easier in healthcare to build something new than to change something that exists."

30:47 What benefits does telemedicine have to cutting administrative costs?

32:17 What is another significant benefit of using standardized contracts?

33:26 Why haven't standardized contracts become a common thing in the current healthcare system?