Medicare tries to save $1 billion

By using competitive bids to purchase medical equipment and supplies in 10 geographic regions around the country, Medicare officials say $1 billion could be saved next year. Medicare has released the first estimates of how the competitive bidding process will affect prices for 10 categories of durable medical equipment and supplies such as oxygen concentrators, power wheelchairs and diabetes-testing strips. Overall, Medicare said it expects to see average savings of 26 percent.