Penny wise, pound foolish

That saying arose when a pound was a unit of money, a pound of sterling silver, in fact.

Study says that long waits for health care cost billions.

Conducted for the Canadian Medical Association by the Centre for Spatial Economics, the study measured the impact of the absence of both patients and their caregivers from the work force, as well as the increased costs of extra appointments, tests and medication required when patients languish in a queue.

When those factors were totalled, the authors concluded that it cost the economy $14.8-billion in 2007 to have patients wait longer than medically recommended for four procedures: joint replacements, cataract surgery, coronary bypasses and MRI scans. And that, in turn, cut federal and provincial revenues by $4.4-billion, the study says.

Only four procedures were examined in the study. Imagine what the total cost for all procedures might be!