According to the U.S. Bureau of Labor Statistics, prices for hospital services were 169.49% lower in 2000 than in 2017.
Hospital services experienced an average inflation rate of 6% per year between 2000 and 2017. This rate of change indicates significant inflation. In other words, hospital services costing $500 in the year 2000 would cost $1,347.46 in 2017 for an equivalent purchase.
Average pricing changed by 5.65% in 2000, below the yearly average change for hospital services during the 2000-2017 time period. Compared to overall inflation for all items in 2000 (3.27%), price inflation for hospital services was higher.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Hospital services:
How to calculate the inflation rate for hospital services between 2000 and 2017
Start with the CPI inflation formula:
CPI in 2017 / CPI in 2000 * 2000 USD value = 2017 USD value
Then plug in historical CPI values from above. The CPI for Hospital services was 115.883 in the year 2000 and 312.296 in 2017:
312.296 / 115.883 * $500 = $1,347.46
Therefore, according to U.S. Bureau of Labor Statistics, the "purchasing power" of $500 from 2000 is $1,347.46 in 2017 (in the category of Hospital services).