by Ray Foxworth, D.C., FICC •
President & Founder, ChiroHealthUSA •
The latest West Health-Gallup Healthcare Affordability and Value Indexes, comprehensive studies conducted annually to assess Americans’ financial burdens in accessing healthcare, reveal several troubling trends in healthcare across the United States. These indexes, which provide insights into Americans’ financial burdens in accessing healthcare, highlight a significant decline in affordability and satisfaction with the quality of care received. Notably, these trends also profoundly impact chiropractic offices, influencing both patient behavior and practice operations. (West Health-Gallup, 2024)
The Decline of Cost Security
Since 2021, the percentage of Americans classified as cost-secure — those who can readily access and afford basic healthcare and prescribed medicines — has plummeted to a record low. This trend underscores a growing crisis in healthcare affordability, where a significant portion of the population struggles to meet even their most basic healthcare needs. For chiropractic offices, this decline means that more patients may forego essential chiropractic care due to financial constraints, potentially leading to decreased patient volume and revenue.
Financial Burden and Accessibility Issues
One of the most striking findings from the West Health-Gallup Healthcare Value Index is that over 175 million Americans consider healthcare costs a financial burden. This staggering number reflects the widespread economic strain healthcare expenses place on individuals and families nationwide. Additionally, 80 million Americans would be unable to access quality care if they needed it today, further emphasizing healthcare accessibility. For chiropractic practices, this situation translates to potential patients being unable to afford chiropractic treatments, impacting the ability of chiropractors to serve their communities effectively.
Delayed and Avoided Care
The impact of high healthcare costs is evident in the number of Americans who delay or avoid seeking medical care. An alarming 47 million people report that they or a family member had health problems worsen after postponing care due to cost concerns. This delay in treatment can lead to more severe health issues and higher long-term costs, creating a vicious cycle of unaffordable healthcare.
Furthermore, 75% of Americans have avoided going to the doctor to pay for other household services, and 45% have delayed or avoided treatment for a disease or condition. Preventative care and screenings, crucial for early detection and management of health issues, should be addressed, with 66% of Americans delaying or avoiding these services. Dental care, often overlooked in discussions about healthcare, is similarly impacted, with 78% of people delaying or avoiding dental visits due to cost.
Quality of Care Perceptions
The West Health-Gallup Healthcare Value Index also highlights a significant dissatisfaction with the quality-of-care relative to its cost. Over one-third of Americans feel they are paying too much for the quality of care they receive. Furthermore, 89% of people think Americans are paying too much for the quality of care they receive, and 107 million do not believe their healthcare experiences are worth the cost. This widespread dissatisfaction suggests a disconnect between the cost of healthcare services and the perceived value of those services.
Heartbreaking Consequences
Perhaps the most heartbreaking finding from the indexes is that 13 million Americans know a friend or family member who died in the past year after not receiving treatment because they could not afford it. This statistic is a stark reminder of the life-and-death consequences of unaffordable healthcare.
These trends present both challenges and opportunities for chiropractors. Chiropractic practices, while not typically dealing with life-threatening conditions, are crucial in maintaining overall health and preventing severe musculoskeletal issues. Ensuring patients can access and afford chiropractic care is essential for preventing long-term health complications. Emphasizing the value and necessity of their care, chiropractic practices can play a vital role in this transformation, helping to ensure that more people receive the care they need. When it comes to offering affordable care in your practice, a profitable discount strategy is vital to growing your practice and helping your patients. Leveraging the right tools can make all the difference. Click here to learn more.
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Why is the Discount Challenge prize amount $15,024? Because that is the average “per-occurrence” fine for Medicare inducements. That’s not $15,024 per patient, that’s not per provider, that’s PER VISIT. Stinks, doesn’t it? To us, the prize amount is worth the investment if we can help our profession better understand proper discounting.