US Market Research Survey Finds Health Care Costs Top CFOs Worries

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26th July 2013 12:31 - Health

Bank of America Merrill Lynch, an investment banking and wealth management division of the Bank of America, recently released survey findings that show seven in ten CFOs (chief financial officers) and other top financial executives ranked health care expenses among their top business concerns for 2013. Additionally, last year’s survey shows that just half (51%) of CFOs considered health care as a top priority.

The survey found that many businesses are preparing to offset expenses related to the federal law by encouraging preventive health care, boosting workers’ share of insurance premiums, cutting expenses outside of health care and raising prices for their own products and services.

Alastair Borthwick, Head of Global Commercial Banking for Bank of America Merrill Lynch said:

“The results suggest businesses are worried about the impact of the Affordable Care Act, which includes a mandate that most employers with more than 50 full-time employees provide insurance”

Nearly 96% of U.S. businesses with more than fifty employees already provide health insurance, according to a 2012 report by the Agency for Healthcare Research and Quality. About 59% of businesses with fewer than fifty workers offered health care in 2009, according to the White House.

Otherwise, the survey stated that CFOs are getting more optimistic about the economy.

Just over half (55%) of CFOs expect the economy to grow in 2013, as opposed to two fifths (39%) in the same survey six months ago. Only one in ten (10%) expect the economy to shrink, down from a quarter (24%). Whilst half (48%) expect their companies to recruit more workers this year.

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