Johns Hopkins' Economics Prof. Melinda Buntin Discusses Slowing Healthcare Spending Growth Over the Past Two Decades
US healthcare costs and spending are extreme made evident by the fact healthcare at a $5 trillion annually accounts for roughly half the global healthcare market. This reality led Princeton’s Nobel Prize Economist Angus Deaton to conclude in 2020, “the industry is a cancer at the heart of the economy.” Though healthcare costs are projected to rise 7 to 8%, this year, cost growth over the past 15 plus years plus has not on average exceeded GDP growth - made evident by the fact that while the 2020 Medicare Trustee report concluded the Medicare hospital trust fund would be bankrupt by 2026, the most recent report concluded 2036. Prof. Buntin’s recent writing on the topic, “The Value Zeitgeist, Considering the Slowdown in Healthcare Spending Growth,” coauthored by Harvard’s Ellen Meara and Dartmouth’s Carrie Colla, was published in “The New England Journal of Medicine” on April 12th. Prof Buntin’s recent publications are at: https://hbhi.jhu.edu/expert/melinda-buntin. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.thehealthcarepolicypodcast.com