Rampant inflation doesn’t just mean a spike in everyday expenses like gas and groceries. It’s also bound to have a significant impact on the cost of healthcare — and on your practice. Afrom McKinsey & Company predicts that the current inflationary spiral will force healthcare providers to charge higher reimbursement rates, and those costs inevitably will be passed along to both employers and consumers. Bottom line: Your patients will likely have to pay more out of pocket.
How, precisely, will inflation affect your practice, and what’s the best way to minimize the damage? Here are seven steps that you, as a physician, can take right now to make the ripple effects of inflation easier for all concerned.“Based on the conversations we’ve had with our physician clients that own practices, we see the potential for cost inflation to outrun revenue inflation over the next year,” sayspartner and chief investment officer at Running Point Capital in El Segundo, California.
“The big issue with inflation is that more patients will likely be underinsured,” says Tiffany Johnson, MBA, CFP, co-CEO and financial advisor atin Atlanta, Georgia. “With more out-of-pocket costs … these patients may not seek out medical treatment or go to see a specialist if they do not believe it is necessary.” A new study from Johns Hopkins finds that patients under financial pressure often delay or forgo medical treatment because of food insecurity.
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