January 27, 2022
The Story behind ZeaMed: #ZeaVolution
The idea and vision that inspired me to initiate ZeaMed and the purpose that keeps me moving. Read the fascinating story behind ZeaMed here.
April 16, 2021
Price Transparency in Healthcare
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Empowering consumers to make informed decisions about purchasing health care services: With healthcare prices skyrocketing and insurance premiums and deductibles increasing, consumers are seeking transparency in healthcare costs. There is so much variance in costs among the providers, and consumers are privy to the insurance negotiations with the providers.
For example, the cost of an MRI service at one imaging facility is maybe $600, another facility is maybe $900 or even $1500; all of this depends on the type of facility, insurance negotiations etc. Some providers have started offering bundled (hospital plus physician combined) cash pay prices to the self-pay patients.
According to the Robert Wood Johnson Foundation (RWJF), 69% of people surveyed would like insurance companies to disclose what they pay to hospitals and physicians for procedures, and 82% of people who compared prices said they will do so again. According to the Kaiser Family Foundation, the average premium has increased by 69 percent in last ten years. With the increase in premiums, consumers ought to make intelligent purchasing decisions in the marketplace to save money, especially with high deductible plans.
Facts to Know
According to the Gallup-Sharecare survey, the uninsured rate has gone up from 10.9% in the 3rd quarter of 2016 to 12.2% in the 4th quarter of 2017. This number may go up when the 2017 GOP Tax bill passed with the repeal of individual mandate kicks off in 2019.
Hospitals may soon have to post standard prices for patients online under a proposed rule unveiled Tuesday by the Trump Administration. The proposed rule is the Centers for Medicare and Medicaid Services’ (CMS) latest effort to give patients more information about the cost of healthcare. This will take effect in 2019 and apply to Medicare providers and patients, but may also influence the nation’s health care system. The proposed prices may not reflect how much patients pay, since insurance companies negotiate different rates, but is at least a good start for the best interest of consumers and the nation’s healthcare.
Why is price transparency important?
- Consumers are empowered with upfront charges information.
- Consumers can shop for low-cost services.
- Providers may become innovative and offer reduced cash pay prices to help self-pay patients.
- Providers may bundle services and offer discounts.
- Cost of care would decrease.