The Medical Dilemma
Sean Cooper, FCAS, MAAA |
Practice Leader and Senior Actuary, NCCI
Raji Chadarevian |
Director, Medical Regulation and Informatics, NCCI
In this session, Sean and Raji explored the impact of medical inflation on cost trends. From surgery rates to prescribing trends to premium prices paid in workers compensation, this session revealed the engine driving medical severity today.
- Medical inflation in workers compensation has been moderate for the past decade. But with the recent dramatic rise in consumer prices, concerns have emerged about medical inflation.
- Changes in medical claims costs are driven by two factors: the price of medical services and utilization, which measures the mix and number of services provided to an injured worker.
- NCCI’s most recent data shows drug costs are declining, physician costs are up slightly, and facility costs are rising in the workers compensation system.
The Medical Dilemma Video