Trend | Cost Reduction

Medical costs for diabetes increase 26%

Trend | Cost Reduction

Medical costs for diabetes increase 26%

Medical costs for diabetes care increased by an estimated 26% between 2012 and 2017, according to a study published by the American Diabetes Association. Adjusting for both inflation and growth in diabetes prevalence, the excess medical cost per person with diabetes grew by 14% from $8,417 to $9,601 in 2017 dollars. Care for people diagnosed with diabetes acccounts for 1 in 4 healthcare dollars spent in the United States.

Indirect costs of diabetes, such as reduced employment by those who have diabetes, presenteeism in the workplace and premature death, are estimated at $89.9 billion. These costs grew by 23% during the 2012-17 time period.

The inflation adjusted total cost of diabetes increased from $261 billion in 2012 to $327 billion in 2017, which is comprised of $237 billion in direct medical costs and $90 billion in reduced productivity. 

 

Sign up for a free guest account and get access to five free articles every month.

Advertisements

Related Articles | Cost Reduction

News | Cost Effectiveness of Health

Healthcare News of Note: Medicare would save $8 billion a year if all hospitals achieved the outcomes of the most cost-efficient performers, says Lown Institute

Healthcare News of Note for healthcare finance professionals is a roundup of recent news articles: America’s most cost-effective hospitals are identified, employers have boosted telemedicine and mental health benefits during the pandemic, and risk-based Medicare Advantage models gain popularity with health systems.

Article | Cost Reduction

First American – Providing funding solutions exclusively for healthcare organizations

Healthcare organizations can acquire leading-edge equipment and stay updated with the latest technology with one company’s funding solutions.

Business Profile | Artificial Intelligence

Currance: Transforming revenue cycle outcomes using AI technology

One company’s AI technology solution helps revenue cycle teams with tools to deliver 2% to 6% additional earned revenue to healthcare systems’ bottom line.

Q&A | Cost Effectiveness of Health

Addressing U.S. healthcare system challenges requires a focus on improving health, not just care

If we are to effectively address the huge cost challenges facing the U.S. health system, we must begin to better address the cost effectiveness of health, says Todd Nelson, HFMA’s director of professional practice and partner relationships. And it has to be through a collaborative process involving all stakeholders, he says, including not just hospitals and health systems, physicians and health plans but also patients and their communities, as well as society overall.