Even though health care costs have not seen the same rate of inflation as other industries, that’s about to change. Fortunately, MedBen has a variety of inflation-hedging solutions to counter rising costs.

As a recent Self-Insurer article notes, health care costs increases slowed during the height of COVID-19 as people put off elective surgery and wellness exams. But multiple factors will likely lead to higher claim costs in 2023, such as rising inpatient care costs, the emergence of cell and gene therapies, and chronic conditions treated with specialty drugs.

There appears to be three common pressures facing hospitals and health systems in the post-pandemic era, says Chad A. Ross, President & CEO of Mary Rutan Health. He notes that each health system may prioritize the impact of these pressures differently, but they all exist to some extent.

“The first pressure is volumes for traditional services that have not fully rebounded to pre-pandemic levels,” Ross says. “The second, rapid inflation of the cost for goods, services and – especially in health care – labor. And the third pressure relates to reimbursement from third party payers.”

Regarding the third item, Ross explains that reimbursements have not kept up with the rapid increase in the cost to deliver services.

As your benefits manager, MedBen strives to ensure that you pay the right price for necessary care – a price that’s fair to the health plan, patient, and provider alike. To that end, we have proven solutions to counter the effects of inflation, including:

  • Advanced forensic claims reviews that detect and correct claim inconsistencies.
  • Direct-to-employer contracting and other alternative reimbursement strategies that offer pricing control and consistency.
  • An expanding roster of MedBen Rx pharmacy solutions that reduce costs and impact member health.
  • MedBen WellLiving programs that promote greater wellness compliance, leading to healthier members and lower costs.

MedBen has compiled a Health Care Inflation Hedge Checklist that features all the ways we help clients control costs regardless of the financial climate. If you’d like a copy, just call the MedBen Marketing Department at 888-627-8683.