Economy-wide inflation has outpaced health care inflation by a wide margin since last April, but Americans should expect health care prices to rise more soon.
That's especially true for labor, as workers are burned out and calling in sick. Hospitals and other providers consequently have had to pay higher base wages and higher rates for travel nurses and other temporary staff.Medicare will release initial payment rates for 2023 in the spring and summer, and more importantly, some hospitals are signaling they will add higher costs and wages during their next round of negotiations with insurers.
"To be candid, that would not surprise me at all," Jennifer Mitzner, CFO of Baylor Scott & White Health in Texas, said at this year's JPMorgan Healthcare Conference when asked about inflation in rate negotiations. "I would imagine that's a conversation that's happening nationally." These provider price hikes, along with the expectation that people will continue to get more care that wasDon't expect future health care inflation rates to approach today's current rates, independent health care analyst Paul Hughes-Cromwick said.to keep their already high costs under control."There's a difference between price growth and price levels," said Corey Rhyan, a health economics analyst at nonprofit think tank Altarum.
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