Study: Virginia hospitals set charges 10-13 times over costs
RICHMOND, Va. (WWBT) - A new study released shows that Virginia’s most expensive hospitals set their charges at 10 to 13 times above their costs, a staggering markup that creates a significant burden for patients.
Nationally, the 100 most expensive U.S. hospitals charge from $1,129 to $1,808 for every $100 of their costs. On average, U.S. hospitals charge $417 for every $100 of their costs, a markup that has more than doubled over the past 20 years.
The study from National Nurses United documents how high hospital charges are accelerating a national health care crisis for patients and families.
High hospital charges also drive COVID-19 treatment costs. One study of claims data found the average charges for a COVID-19 patient requiring an inpatient stay can range from $42,486 with no or few complications to $74,310 with major complications.
Here are the top 10 Virginia hospitals with the highest charges over their costs:
- Chippenham Hospital
- Southside Regional Medical Center
- Henrico Doctors’ Hospital
- John Randolph Medical Center
- Southern Virginia Regional Medical Center
- Clinch Valley Medical Center
- Johnston Memorial Hospital
- LewisGale Hospital Montgomery
- LewisGale Hospital Pulaski
- Bon-Secours- Richmond Community Hospital
Chippenham Hospital has the state’s highest charge-to-cost ratio of 1,313 percent. In other words, it charges $1,313 for every $100 of its costs, based on those that were analyzed in this study and 32nd out of the 4,203 hospitals across the U.S. examined in the study.
To see the full study, click here.
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