Although Americans’ spending for prescription drugs has taken a surprising dip, overall costs of medical care keep heading north. The rise this year is faster than it has been in a while. The culprit? Look to big, shiny hospitals. Or look around at people flocking to well-paying jobs in the health care sector.
Modern Healthcare, a trade industry publication, reported that “rising hospital price growth in March [of 2018] drove overall health care price increases to their highest rate since January 2012.”
It’s unclear exactly why hospitals increased prices, except maybe because they can, the magazine said, citing research by the nonprofit health research group Altarum. Its experts, and those quoted by Modern Healthcare, suggested that hospitals may have taken an earlier hit to their finances due to rising drug costs. Hospitals, after lagging, only now may be trying to recoup those costs by hitting patients with price increases at a time when the economy seems more solid.