A study by Milliman, an actuarial consulting firm, commissioned by the Society of Actuaries has concluded that errors from mechanical complication of devices, implants, or grafts cost the US economy over $1.1 billion in 2008. The point of the study was to calculate the total amount medical errors cost that year (that number came in at $19.5 billion) with medical devices causing the 3rd highest categorical total (pressure ulcers were #1 with a cost of just under $4 Billion).
They calculated that 60,380 total errors cost on average $18,771 each.
From the press release:
The study also identifies the 10 medical errors that are most costly to the U.S. economy each year. Approximately 55 percent of the total error costs were the result of five common errors:
* Pressure ulcers
* Postoperative infections
* Mechanical complications of devices, implants, or grafts
* Postlaminectomy syndrome
* Hemorrhages complicating a procedure
The SOA and Milliman findings were based upon an analysis of an extensive claims database. Measurable costs of medical errors included increased medical costs, costs related to increased mortality rates, and costs related to lost productivity of an error.
Society of Actuaries: Study Finds Medical Errors Annually Cost at Least $19.5 Billion Nationwide
Full study :The Economic Measurement of Medical Errors