Skip to comments.Will the healthcare bubble burst? 19 key perspectives
Posted on 09/11/2017 5:22:24 PM PDT by buckalfa
Healthcare spending has been a topic of national conversation over the past decade as it continues to increase despite efforts to reduce waste and overall costs. The Affordable Care Act sought to curb spending through pay-for-performance measures instead of fee-for-service, and while the current administration takes steps to dismantle the ACA the goal for revising the healthcare system is largely the same: increase quality while decreasing costs.
Americans spend around $3.5 trillion on healthcare annually, according to CMS, and continue to see premiums rise. How sustainable are current trends in healthcare spending? Will patients continue to have access to care at the same rates they do now? How much waste is left to squeeze out of the system?
Here, 18 healthcare industry leaders and economic policy experts share their perspective on the healthcare bubble, addressing the industry's unique characteristics and opportunity for disruption while also considering whether the bubble will burst. Respondents are listed in alphabetical order, and categorized by whether they responded in the positive or negative.
Note: Responses have been lightly edited for style and clarity.
Yes, it could burst any time
Ted Chan. Founder and CEO of CareDash.com (Cambridge, Mass.): "The healthcare bubble is unprecedented right now, exceeding 20 percent of GDP. As a society, we are about to witness major push back from both the consumers who are realizing that healthcare costs are eating into their paychecks, as well as the companies who are increasingly burdened by providing healthcare options.
Specific costs are closely tied to rising yearly medical fees, which have nearly tripled since 2000 for families, and increased healthcare companies' debt. As a result, we have recently seen major employers such as MD Anderson and Partners HealthCare pull way back on employee headcount due to stagnating revenue growth.
(Excerpt) Read more at beckershospitalreview.com ...
As with all bubbles, its easy Federal Reserve money and government spending and regulations of all kinds supporting and growing the bubble.
Very interesting and informative.
From a point of view most of us don’t have.
I still see “expert programs” as the immediate means of reducing costs. Tort reform has to happen too, of course.
My wife and I are in pretty good health for being in our late
Our two local hospitals are figuring out different ways to take our money.
Our fair city if you call 911 sends an ambulance, a fire truck and a cop car. The total costs could be several thousand dollars.
We know longer know the specialists and the politics with the health care costs at the hospital level is totally against the patients.
So, we are going to Kaiser, the first of October. It is rated #1 for medicare patients in California.
The Obamacare fraud care will burst at the seams across America next year.
blah blah blah
Pet care is cheap and unregulated.
People care is expensive and a Government mess.
That happened to me just before I came to Singapore. My job offer was conditional on a very thorough medical checkup - the forms I was sent were pretty frightening. So I called the insurance company, and was given a runaround.
But a friendly nurse at the local blood donor center referred me to a GP, so I went to him with the pack of forms. He frowned, and asked whether my insurance would cover all this. I told him I was coming as a private patient, and suddenly he was all smiles.
He did the basic stuff - blood pressure, pulse, taking blood sample and urine sample - while his receptionist booked the visits to the specialists. That was three visits to two hospitals - one for an EKG, one for an upper body X-ray, and one at the second hospital for an "abdominal sonogram", which I had never heard of, but which uses sound to scan liver, kidneys, pancreas &c.
That all took 2.5 days, and on the third afternoon the GP gave me the forms, all filled in, and the total bill.
Take a deep breath. The total was less than $600. Yes, if you pay privately you are treated like a prince and billed like a pauper.
I have made this observation before, but will say it again: every government subsidy enacted for consumers is captured by producers. The costs don't go down, but the profits go up. It is a game the average citizen cannot win.
Might I suggest a veto by the prez if there is no repeal? O wait, the Pelosi shumer deal is done...
I just had surgery because the choice was surgery or be unable to work. Now I am going to have serious problems because I am sure I will be making payments for life.. and I have insurance.
I went as long as I could in a condition no working human should have to suffer. It was just deteriorating every hour I stood on my feet.
if I had subsidies or congressional care, I wouldn’t suffer and I could purchase a car instead of making payments.
My car is 16 years old, but it’s going to have to run.
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