Michael Jordan has failed many a time, and learning from them is how he became so successful.
Are you entertained?
Here's an entertaining look at how surgical complications (mistakes) are very rewarding to the contribution margin (profits) of hospitals. Do remember to see the two sources of inspiration - JAMA and ProPublica cited below.
Evidence - Inspiration Sources
Relationship between surgical complications and hospital finances:
The financial effects of surgical complications varied considerably by payer type. Complications were associated with more than $30 000 greater contribution margin per privately insured patient ($16 936 vs $55 953) compared with less than $2000 per Medicare patient ($1880 vs $3629). In contrast, for Medicaid and self-pay procedures, those with complications were associated with significantly lower contribution margins than those without complications.
National health expenditures for surgical procedures are estimated to cost $400 billion annually and are expected to outpace economic growth during the next 10 years.1,2 The rate of inpatient surgical complications is significant, with estimates ranging from 3% to 17.4%, depending on type of procedure, type of complications, length of follow-up, and data analyzed.3-8 In addition to patient harm, major complications add substantial costs, previously estimated at $11 500 per patient.9
Effective methods for reducing surgical complications have been identified.8-10 However, hospitals have been slow to implement them.