Union Budget 2024: The Supreme Court had requested earlier this year that the national government set healthcare fees for the whole nation.
Union Budget 2024: During the monsoon session in the third week of July, Finance Minister Nirmala Sitharaman is anticipated to present the Union Budget 2024. Financial Express.com was informed by insiders that, despite the government's silence, the announcement is anticipated to occur on July 23 or 24.
The Finance Minister prioritized cervical cancer and upgraded Anganwadi centers, among other important announcements for the healthcare sector at the Interim Budget 2024. However, many long-standing hopes, such as the continuation of the favorable tax system, the rationalization of the GST, and further investments in the healthcare industry, went unfulfilled. Industry executives, however, are optimistic that the next budget will solve these problems.
The expense of being admitted to the hospital is still concerning. The government was chastised by the Supreme Court in May of this year for failing to define a range of fees that private hospitals and healthcare facilities may charge for different operations and treatments. In response, the Bureau of Indian Standards has started working to improve uniformity and transparency in hospital billing procedures.
According to a Mint story, BIS, a division of the National Standards Body of India, has also requested input from trade associations and other interested parties. Hospital bills may be quite expensive if you don't have insurance. Hospital fees often vary for people who pay cash and for those whose insurance covers the difference. The majority of consumers are required to pay for around half of their medical expenses out of pocket, particularly for medications.
The World Health Organization (WHO) reported that "catastrophic" health costs, which impact over 17 percent of families, force approximately 55 million people back into poverty annually.
Financial Express.com was informed by Dr. Girdhar Gyani, Founder Director of the Association of Healthcare Providers (AHPI), that hospital admission costs increased after COVID-19, but they are now stabilizing.
"Higher-than-expected hospital admission costs"
"Thanks to the government's proactive approach to providing affordable and inclusive healthcare, we do not anticipate any significant increase in hospital admission costs in the upcoming fiscal year." In order to reduce cash outlays and financial hazards, we highly advise the populace to get dependable health insurance. According to Dr. Gyani, Financial Express.com, "health insurance acts as a safety net, ensuring that people are not burdened by unexpected medical expenses."
Meanwhile, according to Dr. Gyani, the Ayushman Bharat PM-JAY initiative has helped a sizable population by covering hospital admission charges.
He said, "At AHPI, ensuring access to affordable healthcare is still our top priority, and we will keep pushing for laws that advance this objective."
According to Prateek Ghosal, Chief of Strategy, Growth & Digital at Ujala Cygnus Healthcare Services, there won't be any appreciable rises in patient healthcare prices.
The only major factor influencing out-of-pocket patients will be medical inflation. Patients may see some rationalization, nevertheless, given the growing drive for healthcare cost uniformity and the upcoming negotiations between the Ministry of Health and State Governments. In a larger sense, Ghosal told Financial Express.com, "I anticipate that the Government of India's flagship scheme, PMJAY, will cover more senior citizens from the current base of 10 million households, which will greatly benefit the country."
But private support for PMJAY remains minimal; just 25% of private hospitals have an agreement with the organization, and this percentage drops in metro areas, he said.
"More options for patients and increased acceptability in the private sector will result from smoother payment cycles and higher reimbursement rates," he said.
Various policy concerns are necessary.
The government was chastised by the supreme court in February of this year for its inability to implement the 14-year-old Clinical Establishment (Central Government) Rules, which set uniform fees for a range of medical operations and treatments.
Improved treatment quality together with rising hospital infrastructure and input expenses will probably drive up hospital admission prices. The growing cost of prescription drugs, medical equipment, and even administrative costs adds to this strain. On the other hand, using cutting-edge technology might increase healthcare costs. Financial Express.com was informed by Bhanu Prakash Kalmath S J, Partner, Grant Thornton Bharat.
Prakash further argued that the nation's total healthcare costs might be reduced by emphasizing preventative treatment.
"In addition, legislative factors that lower healthcare costs include prioritizing healthcare loans and classifying healthcare services under a zero-rated Goods and Services Tax (GST) category rather than the present exempted category. The cost of healthcare for the average person may be reduced by expanding medical insurance coverage to include the "missing middle" and offering a fair price, he told Financial Express.com.
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