In 2006, health care expenditures were $2.1 trillion (with a “T) … which is about $7,000 per person … up from about $4,500 per person in 2000.
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Slightly under half (46.1% to be precise) was paid out of public funds — by the Federal or local governments … 53.9% was “private” pay, either by individuals, health insurance companies, or “other private funds” (e.g. hospital write-offs).
About 1/8th of the $2.1 trillion was paid “out of pocket” by patients (think co-payments and deductibles). Note the downward historical trend.
Graphic © 2007 Samuel L. Baker, University of South Carolina
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http://www.cms.hhs.gov/NationalHealthExpendData/02_NationalHealthAccountsHistorical.asp#TopOfPage
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September 3, 2008 at 4:33 pm |
Hi Prof Home, you didn’t provide a conclusion to this article like you normally do. Here are my thoughts on why we’re seeing this trend of increasing govt assistance vs private pay:
– growing number of seniors (Medicare)
– growing number of people with no health insurance
September 3, 2008 at 4:39 pm |
Hi Prof Home, you didn’t provide a conclusion to this article like you normally do. Here are my thoughts on why we’re seeing this trend of increasing govt assistance vs private pay:
– growing number of seniors (Medicare)
– growing number of people with no health insurance
– The insured make up about 80% or more of our total HC revenues in the US….based on a recent quote I read (not sure how true this is).
– Medicaid funds have increased in response to more demand
– The insured receive their care in the ER…the most expensive hospital treatment. Hospitals take this as a loss. Hence, the revenue pie shrinks.
On another note, we’re seeing an increasing number of retail clinics pop up all over the US. These are no appointment, walk-in, fee for service clinics at big retail chains and shopping malls. Busy moms like the convenience and extended hours. However, thus far, none have been profitable. If these clinics can incorporate electronic medical records to capture and transfer important health data, I’m hoping this is the way of the future.