According to a 2021 report, ₹8.8 lakh crores are spent on healthcare at a global level. In India alone, 55 million Indians are pushed into poverty owing to rising healthcare expenditure every year. This rising medical inflation is mentioned and confirmed in multiple research reports and is said to show a potential increase in not just health spending but also health insurance premiums.
This directly affects the accessibility and affordability of healthcare in India. As is already known, insufficient quality healthcare of delay in critical medical care can affect
the mortality rate of patients fighting even treatable illnesses. Therefore, one cannot help but wonder what are the reasons behind the rising healthcare costs.
Reasons For Rising Healthcare Costs
- Inflation
One of the topmost reasons behind rising healthcare costs is inflation. As inflation affects the economy, it ultimately has a grave effect on the healthcare industry as well. Since the prices all over the world rise, it leads to a rise in prices of medical supplies as well. It happens so because some of the supplies are imported as well. Not just that but inflation affects costs of operation, administration and facilities too. Hence, patients end up paying more for the healthcare provided to them.
New Technology = More Expensive Treatment
With advancement in medical technology , the cost for that particular procedure or treatment is bound to go up. Everytime new technology is built, there is a huge cost invested upon its experimentation and execution before it can be finally introduced for public use. And as it is rolled out for public use, the charges add up further due to cost incurred upon providing it for the patients. New technology then, can also end up being one of the reasons behind rising healthcare costs.
Lifestyle Choices → Costly Chronic Conditions → Rise In Treatment Costs
We all know our lifestyle choices have a direct effect on our physical as well as mental health. However, it’s important to note that even a small change in lifestyle is an important factor in the emergence of costly chronic conditions. For example, over consumption of tobacco and alcohol can directly lead to chronic diseases whose treatment costs are not just soaring high but also consistently incurred. As more and more people get diagnosed with chronic conditions, it subsequently leads to the rise in its treatment costs, contributing to rising healthcare costs.
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This is when crowdfunding in India comes into the picture! It supports those who are in need of urgent funds for medical care. In simple words, crowdfunding websites like ImpactGuru offer financial support to afford quality and timely medical care. Since one can raise money at zero cost and at no liability to repay the amount, online fundraising in India appears to be a relatively easier, and quicker way to get the treatment.
Hope this informative blog helped you in finding out the reasons behind rising healthcare costs. If you wish to read more about such trending topics you can pay a visit to our blog section by clicking here: ImpactGuru Blogs
*Please note that any views expressed are those of the authors’ and do not reflect the beliefs or opinions or views of ImpactGuru.