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Fact Checked

Current Trends In Medical Care And Prescription Costs

Current Trends In Medical Care And Prescription CostsAccording to recent healthcare industry statistics, it would appear that it is reverting to past trends as the economy is slowly recovering. The first quarter of 2014 witnessed a slight increase in medical costs and that trend is expected to continue well into 2015. The trend is towards increased efficiency which is evidenced by the following factors:

  • A need to improve consumer experiences by investing in IT integration is being attributed to needing better clinical care, business operations, and technology as well as the consolidation of providers and more regulatory changes.
  • Current economic recovery and upswing has finally appeared in the healthcare industry despite lagging behind fluctuations in the economy.
  • Healthcare experts estimate a quadrupling in prescription medication costs by 2020 and are questioning whether or not long-term savings will be offset by significantly higher drug costs.
  • It would appear that healthcare providers have increased efficiency levels based on continued shrinkage in the healthcare industry employment sector since 2012.
  • Reduced costs are becoming more apparent among risk-based contracts.
  • The amount of hospital-based treatment costs will exceed those that are physician-based (a primary example of this is the administration of cancer drugs).
  • While employers have shown a growing interest in cost-sharing among their employees, healthcare shopping consumers have become increasingly cost-conscious. However, the implementation of higher deductibles and increased cost-sharing will not affect medical inflation while consumer buying behaviors do.
  • With more individuals getting healthcare coverage under Obamacare (ACA), we are going to witness increased spending. It has been estimated that the largest amount of spending among private healthcare provider insurance will be attributed to in-patient and professional services.

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Published October 30th, 2014 by USA Rx
Fact Checked by Chris Riley

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