Dive Brief:
- A recently released Altarum Institute report found in July healthcare spending accounted for 18.2% of the U.S. gross domestic product, Modern Healthcare reports.
- Such spending was an increase from 17.7% of GDP spending at the same time in 2014. The spending increase was attributed in part to increased spending on prescription drugs and health insurance administration.
- Spending on prescription drugs and insurance administration could increase healthcare spending to rise “at the highest rates before the recent economic recession,” reports American Healthline.
Dive Insight:
In addition, the report found healthcare spending reached $3.3 trillion in August. During that time, spending on prescription drugs increased by 9.2%.
In addition, the report found hospital spending increased by 6.1% from 2014 to $1.04 trillion as well as physician and outpatient clinic spending increasing by 5% to $650.1 billion.