How Changes In Medical Technology Affect Medical Care Costs

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There is no doubt that technological advances continue to spring up, costs to medical providers increases. The increases that the institutions must pay to update medical equipment and testing procedures will automatically be passed down to you. The patients end up paying more every year as the hospitals and medical clinics around the world strive to be at the forefront of medical services. 

Many studies have been conducted on how medical advances affect the cost passed down to you. There have also been data posted about how covid-19 has caused changes in how medical care is given. Through the first stages of the pandemic, hospitals and clinics were struggling to keep up. Even today there are struggles that they must all go through.

Increases in Cost

The reason that the medical institutions are finding themselves with increased costs from technology updates is because covid-19 patients require extra care. Testing society for the virus has also caused a huge strain on most of the hospitals. Testing supplies, and lab equipment, has advanced to keep up with the demand, and to increase the turn around times of the tests that are given.

The increase in costs has also become a strain on the government. When the public hospital bulk bills the government for Medicare costs that have added up, budgets need to be adjusted. This increases the strain on the public because hospitals are struggling to keep up with their financial needs. The lawmakers are instituting new measures and rules, but it is still not enough to cover the costs as the pandemic continues to ravage the world.

The increase in costs to you can be mostly covered with private health insurance. Most agents are well versed in what needs to be covered in case you catch Covid-19, or one of its variants. Just in case, though, read the policy carefully. Make sure that hospital coverage is included, and that there are no exclusions for covid. You do not need a policy that will not cover your needs.

Decreases

As hospitals update equipment and software, costs to you will rise so they can keep up with the added costs. PwC has found that an increase of 6.5% is projected for next year. This may seem like unwelcome news, but if you consider what health care costs were in the previous years, the costs are not that bad. The graph shows that costs have come down a substantial amount since 2007, and it went down .5% from last year. This is not to say that medical bills have decreased. It simply shows that the increase in the costs have come down.

Video and telephone visits have been instituted by most hospitals and clinics so they can offer expert care without endangering the patient, or the other patients that come through the institution. If you are not familiar with this concept it is quite simple. Instead of going into the location of where your medical provider is, all you must do is sit in front of a computer, or phone. 

You will have a personalized visit where the provider will ask questions, analyze, and then attempt to fix your problem. You obviously cannot to any type of testing this way, so it is designed more for people that are having basic checkups. It can also be beneficial for people that have covid-19 but have chosen to isolate and deal with it at home.

Final Thoughts

During the first stages of the pandemic people in the medical field were struggling to keep up. Modern technology was pushed onto the market that had the potential of alleviating some of the time and stress that was needed at the time. Inflation is a concept that we are all familiar with, so it should be no surprise that increased costs to us have been handed down from the medical providers.

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