5 Fast Facts About The MA Healthcare Industry
The healthcare industry in Massachusetts, like everywhere else, is in constant motion. Here's a snapshot, with info from CHIA's 2016 report, ahead of our Boston Healthcare Expansion Forum, which will be held Nov. 1 at The Ritz-Carlton Boston.
Healthcare Expenditures Are Up (Of Course)
Total healthcare expenditures in Massachusetts rose by $2.6B to $57.4B in 2015, compared with the year before. That translates to $8,441 per capita, an increase of 4.1% from 2014, exceeding the healthcare cost growth benchmark of 3.6%.
Pharmacy Costs Are A Big Part Of That
Pharmacy spending continues to grow at a substantial rate: 10.2% in 2015, following 13.5% in 2014. That kind of spending growth accounts for one-third of the overall growth in total healthcare expenditures in the state.
More Hospitals Are Solvent Than Not
For fiscal 2015, 48 hospitals in the state were in the black, while 13 hospitals were in the red. Profitability declined for acute hospitals statewide in FY 2015 compared to FY 2014, however.
MA Hospitals Are High-Quality
Massachusetts hospitals’ performance on measures of effective clinical processes and patient experience was similar to national performance, and sometimes better. For example, 81% of primary care patients in the state who sought care for lower back pain didn't receive inappropriate imaging, which is in the 90th percentile nationally.
Insurance Coverage Is High
In 2015, the uninsurance rate in Massachusetts was 3.6%, compared to a 9.2% uninsurance rate for the nation. 4 million Massachusetts residents had private health insurance coverage, while enrollment in individual Qualified Health Plans through the Massachusetts Health Connector surpassed 208,000—the highest level since the redesigned health insurance exchange opened in 2014.
Hear more from our expert speakers at the Boston Healthcare Expansion Forum, beginning with breakfast and schmoozing at 7:30am on Nov. 1 at The Ritz-Carlton Boston.