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Consolidations have increased prices by 50%

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Consolidation among hospitals and health insurers has led to higher prices, and the government needs to take action to ensure more competition, according to witnesses who testified Sept. 9 to the House Ways and Means Committee’s Subcommittee on Health.

“There’s been a tremendous amount of consolidation in this industry, and this represents a serious problem,” Martin Gaynor, a professor of economics and health policy at Carnegie Mellon University in Pittsburgh, testified at the hearing on health care industry consolidation.

Most hospital markets in the United States are highly concentrated, Gaynor said. Recent data show that the health insurance market for large employers has become more concentrated since 2004. Also, a 2009 Government Accountability Office report found evidence that the small group health insurance market is highly concentrated as well, he said.

Ref and Read more: http://www.thelundreport.com/resource/hospital_health_insurance_consolidation_has_led_to_higher_prices_witnesses_say

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