Health care is as American as apple pie, at least when it comes to spending. The usual metric for the macroeconomy is the Gross Domestic Product (GDP). This is defined as the market value of all goods and services produced in a country. Technically,
GDP = Personal Consumption + Investment + Government Spending + (Exports – Imports)
Personal consumption is the largest single component of the economy. Health care comprises over 17% of personal consumption expenditures, and housing, 15%. The third largest line item in personal consumption is food, which eats up 14% of personal consumption expenses.
Thus, health care took 17 cents of each dollar spent in 2006. By 2015, this proportion is forecasted to be 20% — that is, 1 of every 5 dollars in America will go to health care.
Health Populi’s Hot Points: You’re upset about the cost of gas. Yet, gas, fuel and energy consume 75% less of your spending than health care. Face that fact, and get smart!
Sources: Health Care Spending: Public Payers Face Burden of Entitlement Program Growth, While All Payers Face Rising Prices and Increasing Use of Services, February 15, 2007, General Accounting Office, GAO-07-497T (http://www.gao.gov/)
Health XL will convene global health ecosystem stakeholders in Lake Nona, FL, to brainstorm health care financing, social determinants, and consumers. I'll weave these together with a view on the many patient lenses on health care value and affordability.
At the AHIP Consumer Experience and Digital Health Forum, Jane will co-present the results of HealthMine's 2019 Medicare Advantage survey of beneficiaries covering how older people look at their health care, health plans, digital health tools, social determinants and financial wellness. Jane collaborated with HealthMine on this important study into the perspectives of older health consumers with a call-to-action for more personal, social and connected health.
Once again, Jane will spend the week in Las Vegas at CES, the annual gathering of 100,000+ tech-loving folks, to focus on digital health and the growing IoT for health/care. Follow Jane on Twitter, in Health Populi, and speaking at the event and the Digital Health Summit.