Medical costs projected to increase 6% by 2020, says PwC

Henry Kotula

Between 2020 and 2027, retail drug spending under private health insurance is projected to increase at a rate of 3 percent to 6 percent a year as the impact of generics on spending plateaus, biosimilars continue to see slow uptake, and costly new therapies enter the market. Payers and employers are aiming to grow the role of telemedicine as employees grow more comfortable with it, especially if out-of-pocket costs are lower and the quality doesn’t suffer. [link].

Breaking the Cycle of Financial Toxicity

GlobalMed

Three Telemedicine Cost Savings. Telemedicine helps patients access care without sacrificing wages or paying for childcare or transportation. Research shows telemedicine visits can generate cost sav ings for this reason, with the savings in one study ranging from $309 to more than $1,500 per eliminated ED visit. The same research showed telemedicine also encouraged patients to enter the healthcare system when they wouldn’t otherwise seek care.