Despite rising healthcare costs across the state and around the nation, Southwest Health is holding prices in check with a zero increase for the second straight year.
Hospitals and health networks traditionally review prices annually, increasing them each year to cover rising costs. According to the Wisconsin Hospital Association data, the average hospital price increases across the State, for each of the last two years respectively, are 4.07 and 4.35 percent.
Southwest Health just completed one of its strongest fiscal years in history, having achieved 41.5-percent growth in net revenue over the past two years through expansion and acquisition activity to make it Southwest Wisconsin’s fastest growing health network. The Southwest Health Board of Directors decided to not increase rates this year.
“We are diligently working to keep health care costs down during this incredible period of growth in our organization,” said Chief Financial Officer Matthew Streeter. “We see our growth as an opportunity to give back to our communities by keeping our patients’ out-of-pocket expenses from rising.
“Our goal is to boost our region’s economy by keeping healthcare here in Southwest Wisconsin. That also eliminates many trips area residents would be forced to make to larger cities for care. Keeping prices down helps achieve that. We are proud to continue making a positive economic impact on our region, without raising prices. However, for other healthcare providers struggling to sustain growth, their only option may be to increase prices year after year.”
Wisconsin law requires hospitals to publish changes in gross revenue related to price increases when the increases outpace inflation. This information is public record and available on the Wisconsin Hospital Association website. For more information about hospital price increases, visit http://www.whainfocenter.com/consumers/hospital-rate-increases.