And it isn't being spent on providing world class health care, but world class pay for bosses.
Top NHS managers awarded themselves inflation-busting pay rises last year, as private sector staff faced a pay freeze.
Average pay for trust chief executives soared by 7.5 per cent in just one year to £142,450, while nurses are having to make do with just 1.9 per cent.
And those in the private sector are making do with -10% - or unemployment.
The best-paid hospital boss is on £230,000 - enough to pay for more than ten nurses, while two saw their pay rise by more than 30 per cent.
Since Labour came to power, Health Service chief executive pay has almost doubled (up 98 per cent).
Still, at least those super bosses have overseen a massive improvement in the quality of health care the NHS provides. May be I'm being a bit harsh on these poor, underpaid hospital bosses - after all, there aren't many of them are there?
The shocking details of pay hikes given to senior bureaucrats in the NHS between 2007 and 2008 comes a day after it was revealed that the number of managers has soared quicker than the number of nurses.
There are now 39,900 managers in the NHS - up 9.4 per cent in one year. But there are 6,000 fewer GPs and 15,00 fewer midwives than managers (not sure if that was supposed to be 1,500 or 15,000 - that's how it appears on the Mail web site - Stan).
Nice to know our money goes to the needy - i.e. those who need a new Range Rover and a Merc convertible for the missus.