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Healthcare spending to double during next decade

Physician Practice Advisor, March 1, 2006

Healthcare spending will double to $4 trillion a year during the next decade, according to projections released by the Centers for Medicare & Medicaid Services (CMS). By 2015, one in every five dollars spent in the U.S. will go toward medical costs.

The projections estimate that public and private spending for healthcare will increase from $6,683 per person in 2005 to $12,320 per person by 2015. The healthcare spending growth rate has slowed in recent years-down to 7.4% in 2005 from 7.8% in 2004-but CMS predicts the growth rate will rebound in 2008.

The aging baby boomer population and changes in medical technology will contribute to growing healthcare expenditures during the next decade, according to a CMS press release.

Click here to read the CMS press release.

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