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MedCity News: The Promise of Healthcare Pricing Transparency

Healthcare is a major expenditure for employers and employees, yet Americans purchase it without insight into price or quality. Medical costs contribute to 66.5% of household bankruptcies—lack of transparency is a contributing factor. Employers, payors and providers should consider alternative models of care such as value-based plans with built-in access and transparency.

April 5, 2023 |
MedCity News: The Promise of Healthcare Pricing Transparency

As Costs Rise, More Custom Solutions May Help Meet Demand

 

In the U.S. we make healthcare decisions without transparency into cost – unlike most major items we purchase. With medical costs contributing to nearly 66.5% of bankruptcies in the U.S., the system needs to change. With regulations that require certain providers to share costs on procedures in place, due to the New Transparency in Coverage Rule, attention is being placed on the inequities in healthcare price. 

Signs show employers are questioning the pricing and access to data on their healthcare costs. It’s a savvy move for employers looking to contain costs while not sacrificing quality or care. Members (employees and patients) report that 90% of medical decisions are made without knowing the costs in advance. As many as 4 in 10 U.S. adults report the cost of medical care is cause for them to delay or skip treatment in the last year. Options exist for increased transparency in healthcare pricing including direct contracting, reference-based pricing and on-site medical clinics in an effort to control costs. 

Ryan Day, President of HST, a Claritev Company, explains in a MedCity News article that the promise of healthcare pricing transparency can become a reality. New innovations in pricing and transparency help to empower employers and employees with affordable healthcare.

  Read the article now >    

About MedCity News

MedCity News is the leading online news source for the business of innovation in healthcare. This post appears through the MedCity Influencers program. Anyone can publish their perspective on business and innovation in healthcare on MedCity News through MedCity Influencers.

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