Healthcare Will Represent 20% of Economy in 2020:
- All healthcare outlays, both public and private, are projected to increase from $2.6 trillion in 2010 to $4.6 trillion in 2020.
- Healthcare spending as a percentage of gross domestic product will increase from 17.6% to 19.8%.
- The percentage of healthcare costs funded by government at the federal, state, and local level will grow from 45% to 49%.
- The share of costs borne by individuals and families in the form of out-of-pocket spending will decline from 12% to 10%.
- Spending on prescription drugs as a percentage of total costs will creep up from 10% to 11%.
Even though 2014 is expected to bring a 2-3% increase in healthcare spending, physicians can expect a revenue surge in 2014 when health insurance coverage dramatically expands under the Affordable Care Act (ACA). Public and private spending on physician and clinical services will grow by 8.9% that year compared with a growth rate of 5.6% in 2013 as individuals and small businesses begin to purchase health insurance with federal assistance through state-based exchanges, and Medicaid broadens its eligibility requirements.
Find out about the: Affordable Care Act
Visit gov't website: Healthcare.gov