Should reference-based pricing be part of your healthcare benefits this year?

November 15, 2022

Employee benefits costs are the second largest expenditure employers face and over 90% of U.S. employees receive benefits from their employer. As employers face inflationary concerns across the board, many are looking for ways to lower healthcare costs, without lowering standards of care. Ryan Day, President of HST, a Claritev Company, explains options that benefit employers and employees, including reference-based pricing (RBP) as part of an overall package.

Nearly half of Americans with health insurance are worried about their deductible, and those with private insurance are hit with rising costs as well. With open enrollment season pushing benefits and costs to the forefront, options that will lower costs without sacrificing healthcare quality or access are important. In Healthcare Finance’s Should reference-based pricing be part of your healthcare benefits this year?, Day discusses how RBP is good business. 

Reference-based pricing as part of a benefits plan can make healthcare more affordable for employers and their members. It also contributes to lower deductibles and contributions on the part of members. With RBP, members pay a pre-determined price for a service, which is different from a traditional arrangement where a price is negotiated with a provider after the service.