Health care 'shrinkflation' hitting Americans with higher costs, longer wait times
Axios report found nearly 1 in 5 people were waiting months for a doctor's appointment
Shrinkflation has been around, says Bob Nardelli
Former Home Depot CEO Bob Nardelli discusses shrinkflation as Americans still feel impact of economic pressures, President Biden's handling of the U.S. economy and the growing national debt.
An Axios report on Tuesday found Americans are struggling with health care "shrinkflation," experiencing longer wait times and shorter doctor visits despite paying more for health coverage.
"The U.S. spends more on health care than almost anywhere else. But increasingly patients are getting less in return, and enduring long waits to get not as much face-time with their clinician," the report read.
It continued, "Shrinkflation is hitting a sector that accounts for almost one-fifth of the economy, eroding the doctor-patient relationship and leaving many turning to urgent care clinics or telehealth services."
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Axios reported patients paying more in health care costs for shorter visits. (iStock / iStock)
The report cited an Axios/Ipsos survey taken in August which found nearly one out of five people reported waiting more than two months to see a physician. An additional survey from electronic health records company Tebra found 43% of patients have been experiencing longer wait times since the pandemic.
Hospitals such as NYC Health and Hospitals have also been instructing primary care doctors to shorten appointment times to 20 minutes to accommodate more patients. At NYC Health and Hospitals, the average wait for the "third next available" primary care appointment nearly doubled from 12 days to 22 days.
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Robert Pearl, a Stanford University professor and former CEO of The Permanente Medical Group, told Axios these findings come from higher patient demand since the pandemic, red tape surrounding health insurance, rising costs and doctors opting to leave the field.
Doctors have been retiring earlier and increasing demand, an expert told Axios. (Rolf Vennenbernd/picture alliance via Getty Images / Getty Images)
"You're paying actually more for your health coverage, but you're not getting more. You're actually getting less," Pearl said.
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The report concluded the issue would likely get worse over time, with Pearl describing it as "a vicious cycle, where each year the demand grows and the care becomes skimpier. As a result of that, the demand grows even faster."
