Medical device costs are rising less than overall inflation

10/29/2012

Medical devices aren't the cause of fast-rising medical costs.

That's the message from the Advanced Medical Technology Association (AdvaMed), which released a study reporting that prices for medical technology over the last 21 years have grown at less than half the rate of overall prices in the economy and only one-fifth the rate of prices for other medical goods and services.

Over the past 21 years, device and diagnostic prices have increased at an average annual rate of 1%, compared to the CPI increase of 2.7%, the Medical Care CPI increase of 4.7% and the Medical Care Services CPI increase of 5%.

The research was conducted by Roland "Guy" King, former chief actuary at the Health Care Financing Administration (HCFA, now known as the Centers for Medicare & Medicaid Services) and Gerald Donahoe, a former U.S. Commerce Department economist and an expert on economic accounting, on behalf of AdvaMed....
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