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SOURCE S&P Dow Jones Indices
NEW YORK, Sept. 19, 2013 /PRNewswire/ -- Data released today by S&P Dow Jones Indices for the S&P Healthcare Economic Composite Index indicates that the average per capita cost of healthcare services covered by commercial insurance and Medicare programs increased by 3.06% over the 12-months ending July 2013, remaining flat at the level recorded in June.
Four of the nine S&P Healthcare Economic Indices showed the same annual growth rates for July 2013 as for June 2013. They were the Composite Index, the Medicare Index, the Commercial Index and the Hospital Medicare Index. As measured by the S&P Healthcare Economic Commercial Index, healthcare costs covered by commercial insurance plans rose by 4.15% in July. Annual growth rates in Medicare costs increased by 1.40% in July, according to the S&P Healthcare Economic Medicare Index. The Hospital Medicare Index's growth rate recorded 2.29% in July. These indices' growth rates remain flat from June to July.
The Hospital Index's growth rate posted 2.30% in July, up from 2.10% reported in June. The Hospital Commercial annual growth rate was 2.30% in July, up from 1.94% recorded in June.
The Professional Services Index annual growth rate hit a recent low of 3.70% in July; it was down from 3.93% posted in June. The Professional Services Commercial Index decelerated to 5.77% in July, down from 6.10% reported last month. The Professional Services Medicare annual growth rate hit a new low of -0.26% in July, down from -0.23% recorded in June. This is the only index of the nine headline indices that remains in the negative territory.
"Since last summer we saw health care cost growth rates dropping and now they are stabilized near recent levels for most of the indices. The indices' growth rates are among the lowest since the indices' start date in 2005. Four of the nine headline indices' annual rates remained flat between June and July," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "The annual growth rate for the S&P Healthcare Composite Index was 3.06%, the annual growth rate for the Commercial Index was 4.15%, and for the Medicare Index was 1.40%.
"The Hospital Index posted a 2.30% annual growth rate in July; it accelerated by 20 basis points since last month. The Hospital Medicare Index remained flat at 2.29% since June. The Hospital Commercial Index posted a 2.30% annual rate, accelerating by 36 basis points. It has the highest acceleration among the healthcare indices covered.
"The Professional Services Index annual growth rate hit a recent low of 3.70% in July, 23 basis points down from the last month. The Professional Services Medicare Index growth rate hit a new low of -0.26% in July, three basis point down from June. It has the lowest annual growth rate among our healthcare indices and remains the only negative one. The Professional Services Commercial Index posted a 5.77% rate in July, 33 basis points down from its June value. It remained the highest among the healthcare indices we cover."
The S&P Healthcare Economic Indices estimate the per capita change in revenues accrued each month by hospital and professional services facilities for services provided to patients covered under traditional Medicare and commercial health insurance programs in the U.S. The annual growth rates are determined by calculating a percent change of the 12-month moving averages of the monthly index levels versus the same month of the prior year.
The S&P Healthcare Economic Composite Index is a weighted average of the S&P Healthcare Economic Commercial Index and the S&P Healthcare Economic Medicare Index. Alternatively, it is a weighted average of the S&P Healthcare Economic Hospital Index and the S&P Healthcare Economic Professional Services Index, as each of these indices has the analogous Commercial and Medicare component.
The table below summarizes the year-over-year change in the S&P Healthcare Economic Indices for the 12-month period ending July 2013. With each monthly release, the index levels, including the 12-month moving averages, are recalculated for the full history of the indices, whenever there are revisions to underlying data used in the models. The entire revised history, as well as full results for the underlying S&P Healthcare Economic Indices, is available from S&P Dow Jones Indices as a subscription service.
S&P Healthcare Economic Indices
(12-Month Moving Average)
1-Year Change (%)
S&P Healthcare Economic Composite Index
S&P Healthcare Economic Medicare Index
S&P Healthcare Economic Commercial Index
S&P Healthcare Economic Hospital Index
S&P Healthcare Economic Hospital Medicare Index
S&P Healthcare Economic Hospital Commercial Index
S&P Healthcare Economic Professional Services Index
S&P Healthcare Economic Professional Services Medicare Index
S&P Healthcare Economic Professional Services Commercial Index
Source: S&P Dow Jones Indices
Data through July 2013
As observed in the past, medical costs funded by commercial insurance plans significantly exceed those funded by Medicare.
The S&P Healthcare Economic Indices were developed in consultation with Health Index Advisors, a joint venture between Aon Hewitt and Milliman, Inc., and were derived from the former Milliman, Inc. Health Cost Index™ which was first published in 1987. The complete methodology, fact sheet and supporting research for the S&P Healthcare Economic Indices are available at http://www.spindices.com/index-family/specialty/healthcare-cost
About S&P Dow Jones Indices S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, is the world's largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average™, S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of investors. More assets are invested in products based upon our indices than any other provider in the world. With over 830,000 indices covering a wide range of asset classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com.
Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.