The tentacles of the economic slowdown are spreading.

According to ChangeWave’s latest healthcare survey, the medical industry is now seeing a deceleration in patient spending. The survey of 260 doctors, conducted August 21-26, 2008, shows patients are succumbing to tougher times and cutting corners in terms of health spending.

But just how frugal are patients becoming?

To get a better understanding, we asked doctors if they’ve noticed any change in the frequency of patient visits over the past year. Better than one-in-five (22%) said their patients have been visiting "Less Frequently," compared to just 18% who said "More Frequently."

We next asked doctors a series of true-false questions about their practice/clinical environment.

The following chart summarizes some of the key changes doctors are seeing in patient attitudes and behavior.

Not only do three-in-four doctors (73%) say patients are more concerned with medical costs than they were a year ago, but 38% report their patients are actually breaking pills or taking lower doses of medication to prolong the life of their prescriptions.

Another 34% of doctors say they’ve noticed a greater number of patients refusing recommended tests or procedures because of cost, and one-in-four (24%) report the number of patients who actually fill their prescriptions has been decreasing.

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Elective Cosmetic Procedures Slow, Mental Health Referrals Jump

Nowhere is the slowdown in patient spending more evident than when it comes to elective procedures.

• Nearly a third of doctors (30%) report a decrease over the past 12 months in patient requests for elective procedures, compared to just 10% who report an increase.
• Importantly, when we asked which types of cosmetic procedures had seen the biggest change in demand, it was Cosmetic Surgery that registered the biggest slowdown. Better than one-in-five doctors (21%) report a decrease in patient demand for cosmetic surgery—only 7% an increase.
• On the other hand, the downturn in the economy has caused other types of medical needs to jump. For example, a surprisingly high 18% of doctors said they’d seen an increase in mental health services referrals over the past 12 months, compared to just 1% who saw a decrease.

Final Diagnosis

The healthcare industry is clearly seeing a slowdown in patient spending, according to our latest healthcare survey findings.

The cosmetic surgery sector has been hit disproportionately hard this year. And although less invasive procedures like hair removal and the use of collagen and other dermal fillers haven’t experienced a slowdown, there hasn’t been any growth in these areas either.

Not surprisingly, nearly two-in-five doctors (39%) say the current economic slump is having a negative impact on their practice.

As Doctor TDA3174 puts it, his practice now has to "see more patients and stay open longer hours to compensate." Others say they are trimming back staff and making additional cost-cutting moves.

Based on these survey results, it’s going to take a healthy dose of economic growth to revitalize patient healthcare spending. But don’t expect a quick turnaround anytime soon. According to our latest macroeconomic survey findings, there are no major catalysts on the near-term horizon.

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