As we enter 2023, many are wondering about healthcare prices in the future. Will healthcare prices increase? Keep reading as we explore how rising healthcare costs affect not only families and patients, but also healthcare facilities. Furthermore, the savings of PRN healthcare staffing apps will also be explored.
Will Healthcare Costs Continue to Rise?
Studies have shown the cost of healthcare is projected to rise at the annual rate of 5.4% by 2028. The pandemic, as well as the rise of supply chain costs, have left the economy in shambles. This leads directly to the inflation we’re facing today. While this affects food and gas prices, this can also severely affect healthcare costs. Both healthcare staffing and patients will feel the effect of this historic rate of rising inflation.
How Does Inflation Affect Healthcare Costs?
The inflation impact creates a brutal cycle of higher prices, as well as a tightened labor market. Hospitals are forced to increase their pay and benefits for their healthcare workers. The costs of doctor visits, medical services, and prescription drugs will rise to make up for the rise in payment. What other reasons make healthcare costs rise? As the population ages, more older citizens will need more healthcare services, are hospitalized more often, and have more health problems. Healthcare utilization also plays a big role in affecting healthcare costs.
As new treatments get released, they can cure or lengthen the course of a disease; drugs, chemotherapy, and other technologies become more accessible and easier to use. The length of hospital stays will decrease with the help of new combinations of technology, unfortunately, they aren’t equally available to everyone. One study discovered that low-income adults are less likely to visit a health professional, unlike high-income adults. Low-income adults may face more disabilities and are more likely to face chronic conditions than high-income adults. Another study showed that due to racial bias, white women are more likely to receive better healthcare services than women of other races.
How The Rise In Healthcare Costs Could Affect Us
Insurance costs today cause many troubles for families across the country to afford their insurance, prescriptions, and other medical bills. The effects of rising healthcare costs reduce access to public healthcare. This issue could lead to an increase of uninsured adults, and people of color becoming disproportionately affected by the rise of healthcare costs. More patients will lose access to certain healthcare insurance benefits, forcing them to pay out of pocket for medical bills. As well as lower-income adults will struggle to afford their prescription drugs. This could lead to a cut back on their medication, due to the high cost. More older citizens will be unable to retire and be granted easy access to the medical help they need. The consequences of being unable to pay for medical bills can be devastating to low-income families that were led to cut spending costs, take money out of savings accounts, and take extra jobs to pay off their medical bills.
The government is prompted to raise taxes, consequently, they may reduce employment and investments. The loss of insurance discourages people from working as a whole, leading to slower economic growth. It’s estimated that 250,000 to 400,000 jobs will be lost annually over the next decade. This will have an impact on families as their incomes could fall $2000 annually, and the reduction of employment means the loss of healthcare workers.
Is There A Nursing Shortage?
As we enter 2022, we are looking at a massive nursing shortage that could severely impact the healthcare field. Aspiring nurses are being turned away due to an insufficient number of healthcare facilities willing to take in new nurses. The increased rate of higher staffing costs forces healthcare facilities to let go of their nurses. A lack of nurses leads to a lower mortality rate among patients, and a lack of quality care. Older nurses over the age of 50 are nearing retirement, leaving the healthcare workforce. With the addition of the COVID-19 pandemic, many nurses are feeling burnout, leading to nurse turnover. Stress and burnout lead to 30% of healthcare workers leaving their professions. States such as California, South Carolina, and Texas are in demand of new nurses.
How Can Facilities Reduce Healthcare Costs?
As inflation rises, so do the healthcare staffing costs. Of course, there are many options to help make it easier for new nurses to find a job, as well as earn benefits. Finding alternative ways to reduce the amount of energy use in the hospital will help cut back on high staffing costs, as well as help the environment. Instead of using standard light bulbs, LEDs are a much better alternative. Motion sensor lighting can help cut utility costs, and lights will only be on when someone is in a room. Improving productivity in the hospital can help prevent nurse burnout, and reduce costs. Extra training allows new nurses to do their jobs well, and prevents them from going into the field blind. Reward your associates by recognizing their work, effectively this should help nurses stay at a healthcare facility.
Another effective way is by hiring per diem clinicians. Hiring per diem workers will help quickly recruit new staff onto your team. Nurse staffing apps, like Nursa, are an easy way to find new nurses without worrying about contracts.
It’s incredibly easy to manage new hires, as they are usually not looking for full-time employment. This can help save money, and save the long-time nurses from being let go. Per diem clinicians help ease the stress off of short-staffed healthcare facilities. Per diem nurses’ schedules are flexible, and the time they put in will depend on the amount of help the healthcare facility will need. Working per diem pays more than regular nursing jobs, and Nursa™ makes hiring new nurses much easier. By using this PRN staffing app for hospitals and facilities, you can verify your license, find new jobs to take on, and expand your career experience.
