The CMS Actuary has released the 2023 National Healthcare Expenditures Data Report and it shows a huge surge in healthcare spending coming out of the COVID pandemic.
About The Podcast:
Millions of Americans feel confused and frustrated in their search for quality healthcare coverage.
Between out-of-control costs, countless inefficiencies, a lack of affordable universal access, and little focus on wellness and prevention, the system is clearly in dire need of change.
Hosted by healthcare policy and technology expert Marc S. Ryan, the Healthcare Labyrinth Podcast offers accessible, incisive deep dives on the most pressing issues and events in American healthcare.
Marc seeks to help Americans become wiser consumers and navigate the healthcare maze with more confidence and certainty through The Healthcare Labyrinth website and his book of the same name.
Marc is an unconventional Republican who believes that affordable universal access is a wise and prudent investment. He recommends common-sense solutions to reform American healthcare.
Tune in every week as Marc examines the latest developments in the space, offering analysis, insights, and predictions on the changing state of healthcare in America.
About The Episode:
On this episode, Marc discusses the fact that the CMS Actuary has released the 2023 National Healthcare Expenditures Data Report. It shows a huge surge in healthcare spending coming out of the COVID pandemic.
Key Takeaways:
The 2023 Healthcare Expenditure Data Report shows a huge surge in healthcare spending.
This is a result of the pent-up demand for services during the COVID pandemic.
2023 healthcare expenditures surged 7.5% from 2022 to 2023 to almost $4.9 trillion.
Healthcare expenditures as a percentage of gross domestic product (GDP) rose to 17.6%.
Medicare and private insurance saw major increases in spending.
Hospital care surged by 10.4%, physician and related spending by 7.4%, and retail drugs by 11.4%.
Private healthcare grew to $1.5 trillion, Medicare to $1.0 trillion, and Medicaid to $872 billion.
The CMS Actuary says healthcare spending will grow to $7.705 trillion by 2032 and eat up almost one-fifth of the economy.
America remains a huge outlier in terms of cost (we are the highest) and quality (we have the lowest outcomes.)
We desperately need healthcare reform to lower costs, improve quality, and make the system more affordable.
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Resources
The Healthcare Labyrinth: A Guide to Navigating Health Plans and Fixing American Health Insurance
