Part of this spending is compassion. We are spending a lot of money to extend the lives of those at the end of their lives or who are otherwise likely to die. Spending $150,000 to save the life of a premature baby who may die or be left disabled is a value judgement that does cost money that taxpayers, charities and parents pay. Giving someone advanced care like placing them in the ICU when severely ill instead of sending them home to die is a choice that costs money.
Letting people who are severely disabled, severely injured or very old get denied care may save money, but I'm not certain we'd want to live in a nation that denied care to those who need it most.