On Oct. 21, 2024, Rice University’s Baker Institute for Public Policy reported that hospital service prices surged more than 220% between 2000 and 2022. While hospitals attribute rising prices to increased operating costs — particularly due to labor shortages from the pandemic — evidence showed that hospital prices have consistently risen faster than other medical services since 2006.

This surge in prices outpaced other medical services (130%) and overall inflation (74.4%), according to the report. The authors used data from the National Academy for State Health Policy and Turquoise Health to analyze the relationship between hospital prices, operating costs and profits — particularly in light of the 2024 No Surprises Act, which requires hospitals to disclose their negotiated rates with insurers.