Medical Cost Trend: Behind the Numbers 2024

PwC’s Health Research Institute’s annual study looks at the increase in medical costs to treat patients from one year to the next. In 2024, medical costs are predicted to increase 7%.

Inflation and increasing costs of pharmaceuticals are factors leading to this increase in medical costs, while biosimilars entering the market and shift to out-patient care will help to off-set such costs.

Other trends that will impact health costs include:

  • Total cost of care management
  • COVID-19
  • Health equity
  • Behavioral health
  • Centers for Medicare and Medicaid Services Price Transparency Rule
  • Medicaid redetermination.

Read the full report here.