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
    benefits of using protein powder to build muscles
    Protein Powder for Muscle Mass: Everything You Need to Know
    December 12, 2021
    changes brought on by blockchain in healthcare
    Technology In The Healthcare Industry
    March 28, 2022
    What Does Core Body Temperature Say About Health?
    August 17, 2022
    Latest News
    Emotional Peace: The Psychological Benefits Of Funeral Preplanning
    October 2, 2023
    Health Benefits of Taking a Vacation to Reduce Your Stress
    October 2, 2023
    First Aid Training Enhancing Workplace Health and Safety
    September 25, 2023
    Beyond the Clinic: Medical Surveys Are a Roadmap to Passive Income for Doctors
    September 23, 2023
  • 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
    celebrity health spokesperson
    Celebrity Spokespeople: A Double-Edged Sword
    June 25, 2013
    Tips for Helping Patients Navigate Chronic Conditions
    March 17, 2016
    A Short Guide To Medical Waste Management For Every Facility
    August 12, 2020
    Latest News
    Job Seekers with Disabilities Should at Health Insurance Benefits
    September 12, 2023
    Reasons That Drug Prices Are Rising to Unsustainable Levels
    September 12, 2023
    How Revenue Lifecycle Management Helps Healthcare Providers to Optimize Business Operations
    September 6, 2023
    The Hidden Benefits of Practice Exams for Medical Professionals
    September 6, 2023
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Transparency: How Healthcare Cost Competes with Real Value
Share
Sign In
Notification Show More
Aa
Health Works CollectiveHealth Works Collective
Aa
Search
Have an existing account? Sign In
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Finance > Transparency: How Healthcare Cost Competes with Real Value
BusinessFinance

Transparency: How Healthcare Cost Competes with Real Value

Lonnie Hirsch
Last updated: 2015/04/21 at 8:00 AM
Lonnie Hirsch
Share
5 Min Read
price transparency
SHARE

price transparencyThe popular buzz-phrase in contemporary healthcare—price transparency—is a relatively new dynamic in the competitive equation for providers and marketing professionals. And it cuts in two directions. On one hand, price transparency—and knowing the cost of medical procedures in advance—is a major plus for public awareness.

price transparencyThe popular buzz-phrase in contemporary healthcare—price transparency—is a relatively new dynamic in the competitive equation for providers and marketing professionals. And it cuts in two directions. On one hand, price transparency—and knowing the cost of medical procedures in advance—is a major plus for public awareness. On the other hand, price is not the only consideration for truly wise (and informed) shoppers.

The Internet, healthcare reform and other social dynamics have been transforming the everyday patient into informed consumers. And nobody on the care continuum—especially the patient—likes the sticker shock experience of being blown away by a huge bill from the hospital or provider months after the fact. Increasingly, informed consumers and employers shop hard for value in healthcare.

With consumers paying more of the cost burden, marketing professionals are tasked with communicating the features, advantages and benefits that give context to price transparency. What about education, training, experience and professional reputation?

More Read

get a career in medical device sales

What Are the Benefits of Attending Medical Sales College?

Subscription Management Solutions Are Crucial for Telemedicine
Comfort And Safety: 7 Ways Healthcare Organizations Can Create A Better Environment For Their Patients
4 Points to Remember Before You Start Off Your Next Medical Presentation
Best Practices for Healthcare Call Centers Should Follow in 2023

Tools for the informed shopper…and provider.

Doctors, medical practices and their respective business offices might want to compare the charges for common procedures just as the consumer does. An increasing number of price transparency tools are available online to discover where you stand. Some of these include:

GUROO.COM – The guroo.com website, launched by the independent, non-profit organization, the Health Care Cost Institute (HCCI) is one of the most recent entries. They describe the site as “a consumer-focused website that provides national, state and local cost information for common health conditions and services using claims from multiple insurers for more than 40 million insured individuals – numbers that no one else has. The new website is free and accessible to everyone, regardless of whether they have insurance or who their insurer is.”

HEALTHCARE BLUEBOOK – Providers, payors, employers, as well as patient, can use the online Healthcare Bluebook resource to find a “recommended price for health care services.” The list includes elective care, cosmetic medicine, dental, hearing aids and lab services. They say, “The Bluebook price is based on the typical fee that providers in your area accept as payment from insurance companies. This is the price you should have to pay, even if your provider charges more. You can use this price to negotiate with your provider or shop for an in-network provider that charges a Fair Price.”

NEW CHOICE HEALTH – Similarly, “NewChoiceHealth.com is designed to give you, the healthcare consumer, the ability to make informed decisions about where to access common medical procedures regardless of your insurance type. With NewChoiceHealth.com you can easily locate medical facilities offering the procedure you need and then compare accreditations, number of procedures completed, and procedure cost information (coming soon: quality scores & service levels). You can also request a no-obligation quote from participating medical facilities for common procedures such as MRIs, CT Scans, Mammograms, and more.”

OPS COST – OpsCost.com is an online database to compare hospital prices and charges for common procedures at over 3,300 hospitals, based on government data and user reported bills. The dollars are displayed on a chart as well as on an area map. The consumer has the challenge of interpreting and understanding the long list of medical terminology.

FAIR HEALTH – FAIR Health is a consumer cost lookup, using a “database of billions of billed medical and dental services to power a free website that enables consumers to estimate and plan their medical and dental expenditures. The website also offers clear, unbiased educational articles and videos about the healthcare insurance reimbursement system.”

Informing the consumer…

Physicians, medical practices and hospitals have these same tools comparison tools available as the patient/consumer. The complex world of healthcare costs, charges and reimbursements is admittedly bewildering, especially to the general public.

While there are positive benefits of price transparency for the consumer, there is a greater need for healthcare providers and marketing professionals to fully inform and educate prospective patients that price alone is not the only consideration in the purchase decision. The lowest cost for hip replacement surgery, for example, may not inspire consumer confidence in the outcome.

 

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Lonnie Hirsch April 21, 2015 April 21, 2015
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Scientific Message Mapping: A Pillar of Strategy
Next Article Using Data to Improve Patient Satisfaction Scores

Stay Connected

1.5k Followers Like
4.5k Followers Follow
2.8k Followers Pin
136k Subscribers Subscribe

Latest News

drug-free lifestyle
Healthy Routines Post-Rehab: Building A Drug-Free Lifestyle
Addiction Addiction Recovery October 2, 2023
emotional peace regarding funeral
Emotional Peace: The Psychological Benefits Of Funeral Preplanning
Wellness October 2, 2023
Andropause hormonal decline
The Benefits of TRT for Andropause and Hormonal Decline
Wellness September 28, 2023
cancer-prevention
The Importance of Lipoma Examination in Cancer Prevention
Cancer September 28, 2023

You Might also Like

medical billing training
Medicare

Navigating Through the Essentials: Medical Billing Training for Beginners

September 12, 2023
healthcare providers
Hospital Administration

How Revenue Lifecycle Management Helps Healthcare Providers to Optimize Business Operations

September 6, 2023
optimize healthcare business
News

Top Tips To Optimize Operations In Your Healthcare Office

June 30, 2023
Endocrinology
Hospital Administration

Improving Endocrinology Revenue Recovery is Crucial

June 14, 2023
Subscribe

Subscribe to our newsletter to get our newest articles instantly!

Follow US
© 2008-2023 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Lost your password?