- Health care costs are expected to rise 7 percent next year as providers deal with higher expenses and seek rate increases during contract negotiations with insurers. The projection by PricewaterhouseCoopers’ (PWC) Health Research Institute tops the consultancy’s estimates in 2022 and 2023, which were 5.5 percent and 6 percent, respectively. Given the increase of costs, PwC predicts that in 2024 providers will pass on higher labor and supply expenses, drug price hikes may hit double-digits, outpatient shifts may offset increases, and employers will demand lower-cost options from insurers. (Article here)
- The Justice Department said Wednesday that federal and state charges had recently been filed against 78 defendants, including physicians and business executives, in connection with allegations of more than $2.5 billion in attempted health care fraud. Officials said the accused swindlers made off with about $1.1 billion by filing bogus claims to Medicare, state Medicaid programs, and supplemental Medicare insurance programs offered by private insurers. The cases include alleged schemes targeting some of the most vulnerable patients in the health care system, including the elderly, disabled, and those diagnosed with HIV. (Article here)
- As patient care increasingly moves into the home, some home health providers are adding services to tap into the $80 billion behavioral health sector. Some companies are providing in-home treatment and support for mild anxiety and depression, while others are targeting more serious mental health conditions such as schizophrenia, bipolar disorder, substance abuse, and autism. The growth is driven by increased diagnoses of mental illnesses. The CDC estimates 1 in 5 adults has a behavioral health condition, and since the COVID-19 pandemic, more Americans have sought treatment for depression and anxiety. Telehealth has made access to behavioral health care more accessible. (Article here)
July 12, 2023
Providers | Tea Leaves