The U.S. spends more than $3 trillion a year on healthcare, or nearly $10,000 a year for every man, woman and child. But are we getting a bang for our buck? In many cases, the answer has to be no. And this goes well beyond the raging debate over Obamacare and whether all Americans should have access to coverage.

About a third of money spent on healthcare is now simply wasted or spent on poor decisions, says our guest, emergency room physician and entrepreneur, Dr. Joe Habboushe. The crisis includes clinical waste, excessive prices, fraud and bureaucracy.

Dr. Habboushe shares his moving personal story and passion for reducing waste and improving patient outcomes through his work as a physician and as CEO of MDCalc - an online diagnostic app used by about 50% of American doctors.

"Let's not get rid of what we do really well and that's drive innovation for the world," says Dr. Joe. "If we focus on waste, we have to look at why healthcare costs a lot and if we want to reduce that how can we do it in a way that doesn't damage our system.

Solutions:

Greater use of technology to help doctors improve decision-making.
Take a careful look at how much money, and intense care, is spent on the final months of life. In some cases, doctors and hospitals profit from treatment
Government and taxpayers need to continue funding research that leads to potential drugs and breakthrough treatments.
Allow pharmaceutical companies to profit from new drugs and medical treatments that benefit patients.
Patients: Be better informed about successful medicine, which doesn't always mean a pill for every ailment.