Nursing care spending is on the rise, according to the latest data from the Altarum Institute’s Center for Sustainable Health Spending.
National health spending reached $3.51 trillion in August 2017, 4.3% higher than spending in the same month in 2016, according to Center for Sustainable Health Spending from the Altarum Institute, a nonprofit health systems research and consulting organization. By comparison, gross domestic product (GDP) growth over the 12-month period ending August 2017 was 4.1%, with health spending accounting for 18% of GDP share.
Nursing care facilities spending rose 5.1% over a 12-month period, ending August 2017. Combined with continuing care retirement communities (CCRC), nursing care monthly national spending estimates were $173.4 billion in August 2017, compared to $165 billion in August 2016, and $157.3 billion in August 2015, according to Altarum.
Nursing care spending grew at more than twice the rate of hospital spending, which grew just 2.3% in the 12-month period ending August 2017. The low rate of growth is likely due to expanded health coverage and subsequent leveling off of hospital utilization, according to Altarum.
Nursing care and home health care spending made up just 8% of total health spending, or $272 billion.
Written by Amy Baxter