Opinion Poll: Rising Healthcare Costs Continue to Hurt Small Business Bottom Lines

Washington, D.C. - Today, Small Business Majority released a new poll revealing that small business owners continue to be impacted by rising healthcare costs, and they strongly support policy solutions that can bring down these costs. 

In order to mitigate the impact of rising costs on their bottom lines, small businesses that provide health benefits to their employees have made a number of changes to their health coverage offerings, including the following: 

• 51% increased employee contributions to their health plans

• 47% moved to an insurance plan offering more limited coverage 

• 29% cut other employee benefits

State and federal policymakers are debating proposals that can lower costs by increasing pricing transparency and promoting competition in the healthcare industry. In many states, large hospital and healthcare systems have consolidated, creating a market that is anti-competitive and less affordable. The poll reveals that small business owners support a number of policy solutions that would increase pricing transparency and address the impacts of monopolization. For example: 

• 96% say that healthcare providers should be required to post the prices they charge for services publicly

• 88% believe the government should ban hospital “facility fees” and other unfair billing practices

• 75% say the government should have greater authority to block mergers and acquisitions in the healthcare industry

“For small business owners, the ability to provide healthcare benefits to their employees can determine your business’s success,” said Leslie Allison-Seei, co-owner, Robust Promotions, LLC, Villa Park, Ill. “Unfortunately, healthcare costs have continued to rise, making it unaffordable for most. Large hospital systems have created monopolies that fail to bring value to consumers, instead contributing to the increase of healthcare costs and the decline of competition. Small businesses like mine are looking for relief from a healthcare industry that has enabled rampant hospital fees and out-of-control costs. It’s time to bring down rising healthcare costs by supporting policy solutions that address the harms of consolidation and improve pricing transparency.” 

This poll reflects a survey of 318 small business owners and decision makers nationwide. The poll was an online survey conducted on January 5, 2024 via SurveyMonkey’s online panel. The margin of error is +/- 5% at 95% confidence level. To read the full report, click here.

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