Volumes I & II: How $1.5 Trillion Is Extracted From American Healthcare
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America's healthcare system doesn't just fail to deliver value — it actively extracts wealth from patients, employers, and taxpayers through a sophisticated network of intermediaries, consolidation, and regulatory capture. This two-volume analysis traces $1.5 trillion in annual extraction across insurance administration ($350B), pharmaceutical pricing ($280B), hospital consolidation ($215B), and seven additional channels. Using 21+ institutional data sources including CMS, SEC, FTC, and DOJ filings, we map the complete flow of funds from source to destination through 17 interactive Sankey diagrams. Volume I presents the statistical model explaining 71.3% of variance in health outcomes across states. Volume II follows the money through 10,000+ SEC filings, documenting the specific mechanisms of extraction.
Interactive Sankey diagram tracing every dollar from premiums to profits
Non-linear causal chains across 50 states revealing hidden drivers of health outcomes
Hospital and insurer M&A activity correlated with price increases 2000-2025
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