Posted on Monday, December 9, 2019 1:52 PM
The Office of the Actuary at CMS published a study last week that shows that national healthcare spending increased 4.6% in 2018, this number is lower than the 5.4% overall growth as evidenced by the Gross Domestic Product.
“As a result, the share of the economy devoted to health spending decreased from 17.9 percent in 2017 to 17.7 percent in 2018. Growth in overall healthcare spending has averaged 4.5 percent for 2016-2018, slower than the 5.5 percent average growth for 2014-2015, that was affected by expanded Medicaid and private insurance coverage and increased spending for prescription drugs, particularly for drugs used to treat hepatitis C. The growth in total national healthcare expenditures was approximately 0.4 percentage point higher than the rate in 2017 and reached $3.6 trillion in 2018, or $11,172 per person.”
The following is a breakdown increases:
- Private health insurance spending grew to 2.8% in 2018 an increase over the 4.9% in 2017.
- Medicare spending increased to 6.4% over 4.2% in 2017
- Medicaid spending increased 3.0% over 2.6% in 2017
- Out-of-pocket spending grew 2.8% which is faster than the 2.2% in 2017
Click here for the full article.
About Corridor
Corridor is the nation’s preferred partner and trusted business advisor to home health and hospice providers, providing quality services and impactful results for 30 years. Focusing on key operational, regulatory and financial challenges, Corridor delivering industry-unique solutions and deep expertise in coding, clinical documentation review, compliance, billing and collections , consulting and provider staff education . At Corridor, we make the business of caring for people Better! For the most important industry updates and news that impacts home health and hospice, please make sure to sign up for our weekly newsletter to receive the latest up-to-date industry information direct to your inbox!
For additional information, please contact Corridor at 1-866-263-3795.
