Combatting “inflation” as healthcare practitioners

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Combatting “inflation” as healthcare practitioners

 

As standard market price-points’ changes are being passed off as inflation, many consumers are feeling the pinch on their bank accounts. In reality the truth is that there’s less inflation, it’s probably closer to what’s called “price gouging” as supply networks become over stressed due to supply-chain issues related to the COVID-19 pandemic1. Certain billionaire-owned media outlets have tried to pass the issue off as natural market fluctuations2, conveniently ignoring independent watch-dog datasets exploring this exact conundrum3. These early sources focus especially on rising gas prices, but American lawmakers have also begun to harp on the price-gouging occurring in pharmaceutical services as well4.

So while doctors begin to feel the pinch as people, the phenomenon more closely resembling price-gouging is also impacting the medical field, while masquerading in the popular media as “inflation.” In fact, medical inflation is one of the highest rates in recent history5. However, there are ways to combat these rising prices associated with practicing healthcare. NGA Healthcare, a healthcare law and contract negotiation firm, put together these tips for doing so: https://www.ngahealthcare.com/blog/top-5-way-medical-practices-can-combat-inflation6.

They suggest these five tips, along with more specific nuances to the tips: outsourcing business functions, reviewing your payer mix, re-negotiating reimbursement rates (because let’s be honest, a lot of times the insurance companies are the ones causing the soaring prices), reviewing collection practices, and improving margins. There’s a plethora of options out there, and adjusting short-term practices could significantly alter long-term projections in the healthcare sector.

 

Written by Jeremiah Ockunzzi, courtesy of Dr. Bart Rademaker, MD.

 

 

1)     https://truthout.org/articles/second-richest-man-jeff-bezos-defends-oil-industry-price-gouging/

2)     https://fortune.com/2022/06/26/greedflation-is-price-gouging-helping-fuel-high-inflation-there-are-much-more-plausible-candidates-for-whats-going-on/

3)     https://bailoutwatch.org/analysis/big-oils-wartime-bonus-update

4)     https://americanindependent.com/mitch-mcconnell-china-big-pharma-price-gouging/

5)     https://www.usinflationcalculator.com/inflation/health-care-inflation-in-the-united-states/

6)     https://www.ngahealthcare.com/blog/top-5-way-medical-practices-can-combat-inflation

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