3 Important Tips To Reduce Health Insurance Costs
1. Hospitals Should Be Your Last Resort
Out of every $1 spent on healthcare, 33 cents will be paid to the hospitals. 20 cents will go to the clinics and physicians and 27 cents go to non-physician providers such as nurse practitioners, chiropractor, optometrists, occupational therapists and speech therapists. When you take into account the hospitals and clinics owned by physicians, it’s important to note that hospitals control a lot of the healthcare spending.
In many situations, hospitals are not the best choice for healthcare. In most situations, you should consider the cheaper imaging centers a short driver or walk from numerous hospitals. Even better, there are day surgery centers that are more affordable to hospital operating theaters. Many of these services are cheaper than hospitals because of the lower overheads.
Keep in mind, that hospitals are here to stay. However, they are not the center of all healthcare issues. Just like you don’t have to go to the bank when you can solve the issue on an app or on the bank’s official website. Also, online shopping is completely revolutionizing the shopping world forcing a lot of people to rethink their business models.
People are now moving away from brick-and-mortar attitudes. However, hospitals are still considering infrastructure in most cases. People who are conscious about their budgets are seeking healthcare in other places and not hospitals.
2. Move Care Closer To Patients
When did you last go to visit the doctor for a short appointment? When did you ever spend 15 minutes or less with a healthcare professional? If you have a full-time job, you must have taken some time off for the appointment. If you were lucky enough to get the first or second appointments for the day, you might have missed just a few minutes or hours from your job.
It’s likely that your appointment was set at 2 p.m forcing you to lose at least half a day where you leave work, drive to the doctor’s office, wait to be seen, see the doctor, check out, pick up a prescription, make another appointment and go back to the office.
There are more care options available today because of technology, self-insured businesses and consumer preferences. You don’t have to leave the office to seek medical help. Rather, you can get it from a virtual physician on your device. A lot of hospital executives agree that their organizations are currently involved in high-competition with other non-hospital competitors such as CVS Health, Optum and Amazon.
There’s a notable increase in the number of walk-in clinics. More companies have set up worksite clinics for their employees. At least 1/3 of U.S companies with thousands of employees have on-site general medical clinics. Others have clinics focusing on occupational health. Remember, there is still room in-person healthcare in places that still need it.
3. Take The Costs Out Of The System
At the hospital, you might have been overcharged for a drug that’s cheap at the big box store. There are stories of people who were charged for getting an ice pack without any other treatment. It’s a common trend that hospitals have jacked up their prices on private pay patients. That’s because Medicaid and Medicare reimbursements don’t cover the total cost of care.
Of course, there should be a happy medium when everyone can pay their fair share. Take a routine colonoscopy, a procedure that most people over 50 years have undergone. The procedure goes for $2500 to $3500 depending on where the provider is located and the facility. Well, it can cost as low as $750 with medical staff being well-paid and using the best equipment in a good medical building working 6 hours a day as they see 30 minutes.
Transparency will create a lot of competition among healthcare providers. Patients will now be able to see what they are being charged for their test, procedure or scan. As such, you will no longer be charged exorbitant prices for simple routine care. You can enjoy the best care at the most affordable rates.