The Box is half fullThe box gets bigger or remains the same. But the box is half full.
When you go to the supermarket the boxes may all look the same. With current inflation rates prices have almost doubled. When you get home and opoen the box you notice the box is only 1/3rd full. This is called ‘Shrinkflation” Shrinkflation is a practice where a product's size is reduced while keeping its price the same. In healthcare, shrinkflation is the practice of reducing the quantity or quality of healthcare services while maintaining or increasing the price.
According to The Fulcrum, this practice has been present in American healthcare for more than a decade. Forbes reports that Medicare has drastically reduced how much it pays for inpatient services, leading to private insurers and uninsured patients paying double or triple Medicare rates for hospital services.
Some other reasons for the increase in healthcare prices include:
The introduction of new, innovative healthcare technology can lead to better, more expensive procedures and products.
The complexity of the U.S. healthcare system can lead to administrative waste in the insurance and provider payment systems.
EvidenceCare says that effective care coordination and communication are vital in reducing costs without compromising patient care.
What is the inflation rate for health care?
What are the benefits of reducing healthcare costs?
How do hospitals cut costs?
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