BusinessFinanceHealth ReformHospital AdministrationPolicy & LawPublic Health

Medicare’s Data Release Places More Power in Hands of Informed Medical Consumers

1 Mins read

medicare data releaseYesterday, Medicare released data on in-patient hospital costs across the country to provide consumers/patients with cost comparison information.

medicare data releaseYesterday, Medicare released data on in-patient hospital costs across the country to provide consumers/patients with cost comparison information. Unsurprisingly, the data are interesting and price discrepancies staggering, but the release of the data itself is also fascinating as yet another example of big government opening its vaults, so to speak, as well as adding more momentum to the power shift in healthcare from physicians/providers toward consumers/patients.

This move clearly speaks to the idea that access to information can drive behavior/decision making and that access to cost information can harness the power of the medical consumer to drive costs down.

The team at Popper and Company has focused, since the firm’s inception ten years ago, on technologies and services that improve quality and decrease cost in healthcare. We believe that three big trends at play today clearly support this:

  1. “Consumerification” – the rise of the power of the consumer
  2. Access to information
  3. The convergence of technology from other industry segments (e.g., Telecom)

As I asked in an earlier post, is the U.S. consumer ready for so much service choice (or, in this case, so much information)? Where does the responsibility for consumer education fall? Leave your comments below.

(image: Medicare data / shutterstock)

Related posts
eHealthMedical EducationMedical InnovationsPolicy & Law

Grow Your Medical Practice Online: 6 Practical Steps

3 Mins read
Business models have changed as a result of the Covid-19 pandemic. The same is true even for the healthcare sector. The internet…
Policy & Law

The EU Regulations for Clinical Trials-Everything you Need to Know

2 Mins read
European Union is made up of 27 countries sharing an economic and quasi-political eco-system. The EU allows for free trade between its…
Business

Improving Safety in the Workplace: Drone Inspections

3 Mins read
One health-related issue that people don’t think about enough is workplace safety. We previously talked about some steps that can be taken…