Vairate’s Post

❓Why do healthcare costs keep rising above inflation? It's not a simple question, and there isn't a simple answer. But let's explore this by comparing and contrasting a healthy market with US healthcare. ⚖️ 𝐇𝐞𝐚𝐥𝐭𝐡𝐲 𝐔𝐒 𝐌𝐚𝐫𝐤𝐞𝐭 Hundreds of millions of consumers: ✅ Know what they need ✅ Know what it costs ✅ Pay for each good or service ✅ Keep prices in check by making one of three decisions: (1) Yes (2) No (3) Yes to an alternative 💡Turns out options (2) and (3) have extraordinary power to keep prices in check. Need convincing? Look no further than Amazon. 🏥𝐔𝐒 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 ❌ Not always clear what you need without the help of a healthcare professional ❌ Price is difficult to know in advance or at the point of care (although this is improving) ❌ Prices are negotiated in aggregate by a small set of people working on behalf of consumers rather than hundreds of millions of consumers working on behalf of themselves. ❌ Majority of healthcare costs are incurred beyond the deductible/coinsurance/copays ❌ When you're really sick, economics go out the window, and the price doesn't matter 💡The result? ➝ "Yes"/"No" decisions don't carry their typical financial disincentive/incentive ➝ "Yes" doesn't turn to "No" as prices rise ➝ "Yes" doesn't turn to "No" as the value of a service decreases ➝ "Yes to an alternative" is severely underutilized 📈 Costs continue to rise This is one angle, but it's not the only one. And there's a lot more to unpack here. What's your take?

Wake up call. We are all paying for an enormous US healthcare bill in higher out of pocket co-pays, higher service fees, higher taxes, lower wages, etc. This chart is illuminating. Halle Tecco, MPH, MBA does a great job summarizing our spending on healthcare, see here: https://lnkd.in/gkUnskXC Healthcare is the largest of all spending in our country at $4.9T and will be 20% of GDP in 2032. Something has to change, we need Medicine 3.0 which is much more predictive, preventative, personalized and prescriptive to get ahead of disease. Right now we have sick care which is not acceptable. #healthcare

No surprise here but #1 since forever is costs. It is essential for companies to be mindful of increases on behalf of their employees. Just like your cable bill, it creeps up on you while you're not looking. This is fresh on my mind as I just saved over $100 per month on cable. How? I called them! My level of service wasn't reduced and as it happens they gave me some promotional deals. Back to healthcare benefits. You do not need to take away anything from your employees to keep your healthcare costs in line. You just need to have a benefits provider that has your back. Does yours? #costcontrol #employeebenefits #inflation https://loom.ly/kinVNGw

Healthcare costs are steadily increasing due to inflation, affecting both consumers and insured individuals. Over the last 50 years, these costs have risen by approximately 5.13% annually, surpassing general inflation rates. To delve deeper into how inflation impacts healthcare services and expenses, check out this informative article. https://lnkd.in/gpe9WT_P

The Healthcare Economy: Three Key Takeaways that Frame Public and Private Sector Response

Check out the latest blog from Chris Werme exploring the 4 top reasons that healthcare costs will be rising for 2025. https://lnkd.in/gU88hTqx #HealthcareCosts #RoseStreetAdvisors #KalamazooMI #EmployeeBenefits #EB #Inflation #COVIDeffects #PostCOIVD

Interesting article highlighting the instability of "price" across many industries - especially healthcare. Most households, and business, have realized a 20% increase in relative cost over the past few years and inflation continues to persist. Interestingly enough healthcare pricing is a trailing indicator compared to the rest of the economy and I fear this will only get worse. We have seen our activity levels increase 5x over the past year which I believe highlights the desperation of advisors and employers to identify pricing transparency - and more importantly, stability! What are other vendors in the healthcare industry experiencing?

Navigating Inflation: Strategies for Sustaining Quality Patient Care In the face of rising inflation, the patient care industry confronts substantial challenges affecting operational costs, pricing strategies, workforce dynamics, and overall quality of care. Recent insights from Practical Patient Care highlight how healthcare providers can navigate these complexities through strategic cost management, innovative technologies, and collaborative partnerships. Rising prices for medical supplies, energy, and labor significantly strain healthcare budgets, while insurance reimbursement rates often lag, complicating financial stability. Providers are also grappling with the added challenge of ensuring accessibility for uninsured and underinsured patients. To mitigate these impacts, healthcare organizations can optimize supply chains, invest in energy-efficient technologies, and streamline administrative processes. Embracing telemedicine and digital health tools not only reduces costs but also improves patient access and outcomes. Collaborative efforts with suppliers and insurers, alongside active policy advocacy, are crucial in securing fair pricing and fostering sustainable practices. By adopting these strategies, the patient care industry can better manage the effects of inflation, ensuring that quality care remains accessible to all. Read more on this insightful article: https://lnkd.in/e8a43KU3 📰 Stay ahead of the curve by following Practical Patient Care on LinkedIn for more industry news and insights. You can also access our latest edition here: https://lnkd.in/guUBWkRE #PracticalPatientCare #Healthcare #Inflation #CostManagement

Happy World Health Day! 🌍💚 Did you know that taking care of your #health can also benefit your taxes? Here are some tips: 🔵 Health Savings Accounts #HSAs and Flexible Spending Accounts #FSAs can help you save on taxes while covering medical expenses. 🔵 Certain #medical expenses, like doctor visits and prescription medications, may be tax-deductible if they exceed a certain percentage of your income. 🔵 Investing in preventive care, like regular check-ups and screenings, can lead to fewer medical expenses and potential #tax savings down the road. Prioritize your #health and your finances! If you have questions about how your health choices can impact your taxes, reach out to us for expert guidance. #WorldHealthDay #TaxTips #HealthyFinance

All too often, when I hear people discuss healthcare in America, they are voicing their frustration. Rightfully so, I might add! With all the frustration that we hear echoing off the chambers of this country, you would be surprised to hear how many small businesses still offer a fully funded BCBS plan to their employees. Many of these plans that I still see have high deductibles and HMOs. These plans do not incentivize people to seek treatment but rather do the opposite. The fear of being stuck with large out-of-pocket medical expenses causes people to push doctor appointments that they should be going to. When you couple that with the out-of-control inflation that our country hasn’t experienced since the early 1980’s, it shows a difficult challenge many are faced with. More dollars are being spent on groceries, rent/housing, and transportation, and fewer dollars are being saved for unexpected medical events. How could we ask our employees to be on the hook for thousands of dollars each and every year? Double-digit compounded rate increases for small businesses can break them! There is an opportunity for an innovative approach. Proactive and predictive healthcare rather than reactive. A new name in healthcare could save your company tens of thousands of dollars. Lowering the deductible of your employees and not getting hit with the double-digit rate increases that you have come to expect!