Expect Health Care Costs to Increase By 7% in 2023

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As providers deal with increased costs and request rate hikes during contract negotiations with insurers, healthcare prices are predicted to climb by 7% in 2019. The Health Research Institute at PricewaterhouseCoopers predicted a higher rate of growth than the consultancy’s projections for 2022 and 2023, which were 5.5% and 6%, respectively.

The auditor claimed the increase exceeds its projections for 2022 and 2023, which were 5.5% and 6%, respectively. The firm surveyed actuaries at insurers that provide group and individual insurance.

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Some developments are driving down costs, including the expansion of biosimilar medications and the move to less expensive outpatient care. Other elements, such as health plans’ investments in value-based care, COVID-19 implications, behavioral healthcare utilization, health equality measures, price transparency standards, and Medicaid redeterminations, are anticipated to be cost-neutral but crucial to monitor, according to PwC.

Healthcare expenditures are expected to rise in the coming year due to high prescription prices, shortages, and supply chain issues. The Food and Drug Administration has recently approved numerous innovative cell and gene therapies, and the report cited the rise of expensive GLP-1 agonist medications for diabetes and obesity, whose demand has skyrocketed.

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