By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    falsified drugs
    What Are the Health Risks of Falsified Drugs?
    July 15, 2024
    chronic disease
    The Role of Compliance Packaging in Chronic Disease Management
    November 4, 2024
    How to Deal with Ethical Dilemmas in Social Work
    How to Deal with Ethical Dilemmas in Healthcare Social Work
    March 6, 2025
    Latest News
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 2025
    The Wide-Ranging Benefits of Magnesium Supplements
    June 11, 2025
    The Best Home Remedies for Migraines
    June 5, 2025
    The Hidden Impact Of Stress On Your Body’s Alignment And Balance
    May 22, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    (Some) Docs Launch War on Overutilization
    February 19, 2012
    Ribs on BBQ
    Meat and Mortality: Does Eating Meat Decrease Your Lifespan?
    March 10, 2013
    Match Day Looms, Can Primary Care Once Again Show Gains?
    March 15, 2012
    Latest News
    Let Your Lawyer Handle the Work Before You Pay Medical Costs
    July 6, 2025
    Top HIPAA-Compliant Messaging Apps for Healthcare Teams
    June 25, 2025
    When Healthcare Ends, the Legal Process Begins: What Families Should Know About Probate and Medical Estates
    June 20, 2025
    Preventing Contamination In Healthcare Facilities Starts With Hygiene
    June 15, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: New WellPoint Plan Increases Healthcare Consumer’s Level of “Skin in the Game”
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > New WellPoint Plan Increases Healthcare Consumer’s Level of “Skin in the Game”
Business

New WellPoint Plan Increases Healthcare Consumer’s Level of “Skin in the Game”

Kenneth Walz
Kenneth Walz
Share
3 Min Read
Image
SHARE

When Warren Buffett used the phrase “skin in the game,” he referred to company managers investing in their own companies. In healthcare, we’ve discussed how equally important it is for consumers to also have some “skin in the game,” bearing at least some responsibility for their costs of care.

When Warren Buffett used the phrase “skin in the game,” he referred to company managers investing in their own companies. In healthcare, we’ve discussed how equally important it is for consumers to also have some “skin in the game,” bearing at least some responsibility for their costs of care.

A recent Wall Street Journal article (subscription required) discusses how WellPoint, the nation’s second-largest health insurer, has developed a group plan in which consumers would be responsible for the cost of medical services in excess of that offered by their employer plans. While WellPoint’s idea doesn’t appear groundbreaking at first, this type of plan would dramatically shift the dynamics of healthcare costs.Image

Here is how the Journal’s Anna Wilde Matthews described the WellPoint plan:

More Read

WLSA Convergence Summit panel
Connected Health 2014: Market Leaders Have Leapt from Pioneers to Doers
Leveraging Video for Optimal Healthcare Marketing
Medical Device Companies: Avoid These Inbound Marketing Mistakes
Electronic Medical Records: Should the SEC Track the Brokerage Accounts of Hospital Clerks?
The Latest on Burnout in Healthcare: What You Can Do

“Under the approach, workers are supposed to be given choices among hospitals, doctors or other providers to be used for a procedure—such as an imaging scan or even a surgery—each with pricing and quality information. If they pick one that costs more than the employer offers, they pay the difference. If workers opt for a provider that costs less than the employer’s price, an employer could choose to offer them a credit.”

Other companies are offering similar plans. Under these types of plans, known as reference-based pricing, the cost of care is borne by consumers, insurers and employers as with traditional plans but with the consumer having more control over how the costs are split. As consumers exercise the power given them to make choices, market forces – though still limited – will result in quality being rewarded and costs coming down.

Some questions remain: the definition of “quality” in healthcare remains under debate, and previous efforts for this type of plan had mixed results (apparently because customers didn’t really seek low-cost services). But WellPoint is working with online health rating service CastLight Health to provide the price and procedure data necessary for consumers to comparison shop. That combination of data and responsibility could turn consumers into players, without losing their skins.

TAGGED:insuranceWellPoint
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

car accident lawsuit
Let Your Lawyer Handle the Work Before You Pay Medical Costs
Policy & Law
July 6, 2025
women dental care
What Is a Smile Makeover and How Much Does It Cost?
Dental health
June 30, 2025
HIPAA-Compliant Messaging Apps
Top HIPAA-Compliant Messaging Apps for Healthcare Teams
Global Healthcare Policy & Law Technology
June 25, 2025
recovering from injury
Rebuilding After Injury: Path to Physical and Emotional Recovery
News
June 22, 2025

You Might also Like

BusinessPublic Health

Cigarette Warning Labels May Go Up in Smoke

January 9, 2012

Mobilizing Stakeholders For Better Health, Better Care And Lower Costs

April 13, 2012

Medicare Rates Set to Soar

October 15, 2015
BusinessMedical DevicesMedical Ethics

Science for Sale: The Very Sad Case of Medtronic’s “Infuse”

October 26, 2012
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?