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Health Spending Spike: What's Your Plan?

09/28/16

  05:04:00 pm, by MedBen5   , 282 words,  
Categories: News, Prescription, Health Plan Management, Cost savings, Research, Third party administration

Health Spending Spike: What's Your Plan?

dollar and chart

U.S. health care spending growth has been relatively moderate this decade, but some recent numbers suggest that costs could soon see an upswing. For employers, it's an ideal time to review their current health plan administrator and ensure that measures are in place to control potential spending spikes.

According to the Los Angeles Times, the U.S. Labor Department says that health care spending rose 1% in August ‒ the largest single-month increase in more than three decades. While that may not seem like much, similar increases over a year's time could lead to a double-digit spending jump.

Among the factors accounting for the monthly growth increases in hospital services costs and prescription drug pricing. Overall, average drug prices have climbed 6.3% in the past 12 months... and the likelihood is that future years will bring similar increases. Fortunately, MedBen can assist employers in beating these trends.

If you received our new Client Report, you know that we've highlighted some of the ways we help groups control their health plan costs, from our provider-driven claims surveillance system to our advanced reporting platform. And for pharmacy plans, we offer total price transparency, with 100% of pharmacy rebates and discounts returned to the client.

One of our most effective savings tools, plan design, draws upon our years of expertise in third party administration. Our goal is to regularly meet with clients and consultants to review plan activity and discuss ways to further improve care while reducing medical spending.

If you're not a current client, we'd be happy to talk about your current health benefits package and how we can help you defy health care spending trends. Contact Vice President of Sales & Marketing Brian Fargus at bfargus@medben.com to learn more.

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