Medicaid spending for fiscal year 2011 is estimated to be around $398.6 billion, an increase of 10.1 percent from FY 2010. That total accounted for almost 24 percent of state spending, the single largest element of state spending, according to the report.
Although Medicaid enrollment slowly rose 5.5 percent in FY 2011, compared with 7.2 percent in FY 2010, it is expected the Patient Protection and Affordable Care Act will greatly boost the number of Medicaid beneficiaries in 2014 and beyond.
Factors causing rapid growth in Medicaid costs for states include increased enrollments due to the weak economy and expanded eligibility under the PPACA, elimination of federal funds from the American Reinvestment and Recovery Act and per capita healthcare costs rising faster than the economy.
Related Articles on Medicaid:
Arizona Hospital Association Sues State Over Medicaid Cuts
Texas Considers Cutting Medicaid Reimbursements
7 Points on Cost Containment and the State of Medicaid
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
