Now that we’re more than 1 year removed from the outbreak of COVID-19, researchers are uncovering what healthcare utilization looks like amid a global pandemic. Did the influx of patients who contracted the virus put a greater burden on the healthcare system, driving up costs? Did the sudden drop in preventive care visits and elective care procedures hurt the healthcare industry? Yes and yes.
According to the Peterson-Kaiser Family Foundation Health System Tracker, health services spending was down roughly 2.7% (seasonally adjusted annual rates) as of December 2020 compared with December 2019. Although this is the first recession in the past five recessions to result in a decrease in health spending growth year over year, the healthcare industry has largely recovered to its pre-COVID numbers.
