A new report suggests health care spending is on the rise – just not as fast as the administration says it is.
National health spending in March 2014 grew 7.1 percent over March 2013, according to a report out from the Altarum Institute.
That’s about 3 percent less than the 10 percent figure the Obama administration touted last month. The Obama administration used that figure from the Bureau of Economic Analysis, saying it’s proof that the Patient Protection and Affordable is working and helping the health care industry.
The administration said a 10 percent growth is favorable as it implies more people, now covered under Obamacare, are getting treated and using health care services.
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The Altarum Institute said health spending is on the rise, likely the result of a recovering economy. Growth in health spending has been unusually slow for the past few years. Altarum’s report noted that health care spending as part of the gross domestic product reached an all-time high of 17.9 percent in March, and that the health care industry added 18,700 jobs in April.