Specialty drugs and health care costs

As the year came to a close, many employers were reviewing 2014 expenses to help plan spending for the new year. One of the main expenses for many organizations is the cost of employees’ health care. According to America’s Health Insurance Plans, a national trade association representing the health insurance industry, health care spending nationwide rose at its fastest pace in 10 years in the fourth quarter of 2013. The main reasons behind health care cost increases are the rising costs of medical services such as hospital care, costly new prescription drugs and medical technologies, and the impact of hospitals and physician offices consolidating, leaving less competition.

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