U.S. healthcare expenditures will double to $3.1 trillion by 2012 from about $1.55 trillion today, despite a slowdown in the rate of growth, the Centers for Medicare and Medicaid Services said in a new report published today. That means healthcare will make up 17.7% of the gross domestic product by 2012, compared with 14.8% in 2002. Hospital spending will rise to $860 billion in 2012 from $484.6 billion in 2002, according to the report, published on Health Affairs' Web site. Largely because of slower growth in Medicare spending, the rate of growth in overall healthcare spending will drop to an average of 6.9% from 2009 to 2012, compared with 8.6% growth in 2002. Hospital spending growth will slow to 5.7% from 7.4% during the same period. Read the report. -- by Tony Fong
Healthcare spending to hit $3.1 trillion in 2012
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