Here’s what you need to know.
1. Employers have been searching for ways to improve price transparency for their employees.
2. A report from the Health Care Cost Institute shows that having better price transparency allows consumers to shop for their non-urgent medical services, and in turn that provides a modest reduction in healthcare spending.
3. If consumers had more opportunities to shop around for their care, costs would be reduced to create a competitive market. Greater cost transparency can reduce the $27 billion paid out-of-pocket by consumers.
4. Patient engagement is another crucial issue healthcare organizations should be concerned with. As consumers get more engaged with their healthcare experience, they are expected to comparison shop to determine what the best service for their needs is at an affordable price.
5. Patient engagement will be a way the healthcare organization can stand out to a consumer, even if the organization is not the lowest, price wise. Patients value engagement, and a positive relationship over affordability.
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