Two reports in today’s blog. AMA’s latest National Economic Impact of Physicians report, which is discussed later. First, Healthcare Cost and Utilization Project (HCUP) collected the hospital visits and costs associated with different medical conditions classified by the Clinical Classifications Software principal diagnosis category and compiled a report with the ability of comparing medical conditions. The average hospital stay in the US costs just over $10,700, based on an analysis of recent data from the Healthcare Cost and Utilization Project (HCUP).
Using the 2014 National Inpatient Survey from the Agency for Healthcare Research and Quality, HCUP found the hospital visits and costs associated with different medical conditions classified by the Clinical Classifications Software principal diagnosis category. In total, there were 35.4 million hospital stays with an aggregate cost of $384.5 billion.
Routine childbirth accounted for the most stays — over 3.8 million — but is a relatively low-cost hospital trip compared to other conditions at $3,600. Of all hospital stays billed to Medicaid, 23.1% fell in this category.The 35 most expensive conditions accounted for 70% of all hospital costs in the US. Septicemia — also called sepsis, a life-threatening reaction to an infection — created the greatest total cost at $27 billion. But, because of the large number of patients treated for the condition, it did not have the highest average cost per treatment. Heart and lung conditions also show up frequently when looking at the most expensive illnesses.
Who paid the hospital bill tells a different story, and is an important piece of the national debate on health care. Medicare covered 46% of that cost, with Medicaid pitching in 17%. Private insurance paid for 28% of the cost, while 5% went to patients who were uninsured.
In addition to what patients are going to the hospital for, where they are can also affect costs. A trip to the hospital in the US can vary a great deal based on where you live.
AMA’s latest National Economic Impact of Physicians report provides data that can be used by key health care policymakers, legislators and thought leaders. It also demonstrates how physician practices both ensure the health and well-being of communities as well as support local economies and enable jobs, growth and prosperity.
Physicians are responsible for 12,575,602 full-time equivalent employees, an increase of approximately 26.1% since the Association’s previous report, based on 2012 data. Much of that growth can be attributed to the surge in employment that took place between July 2014 and May of 2015, when hospitals experienced their biggest hiring boom in two decades.
However, physicians themselves are showing more modest growth in employment and practice, with the total number of physicians counted in the report having increased 2.2% between 2012 and 2015. It’s worth noting that AMA data finds that, at 62%, office-based practices make up the majority of doctors, with hospital-based physicians and inactive physicians counting for 11.7% and 16%, respectively.
Given the rapidly changing health care environment, it is critical to quantify the economic impact physicians have on society. BHM watches health trends and understands the importance of improving and changing with the industry. Click HERE to learn more about how BHM helps your organization address opportunities.