As most Americans experience the impacts of inflation on their daily lives by means of increased grocery and gas prices, many might not realize the impact of medical care at hospitals on inflation rates in the United States. Hospitals were not as quick to increase prices during the pandemic compared to supermarkets, retailers and restaurants. However, costs are beginning to significantly increase, with patient costs jumping nearly 8% in April 2024 compared to the same month in 2023, according to the Department of Labor, marking the highest increase in any month in almost 14 years. Several hospital procedures are seeing price increases of as much as $700, which translates to a 4.5% increase. These price escalations are impacting patients and employers as well, with higher health insurance premiums and limited wage hikes. For the first waves of inflation in the economy, hospitals held prices steady due to contractual obligations with…
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