With medical costs, transparency is key

Across the world, healthcare consumers agree on one thing: They want greater price transparency in their healthcare. Yet, most organizations may not be quite ready for this shift in sentiment.

A TransUnion survey found 80% of patients put up-front costs at the top of the list when they evaluate care outcomes and choose healthcare providers.

Hospitals are in the up-front money business, so it’s only fair consumers are responding in kind. After all, they want to know what hospitals charge in order to do cost and value comparisons.

Patients also deserve to know what their out-of-pocket expenses will be. As healthcare costs rise, sticker shock becomes an increasingly common occurrence. Giving consumers the tools to comparison shop and find value is only good for the entire system.

As the landscape shifts, healthcare systems are stepping up their game. ProMedica has created an online price estimator for patients in the Toledo, Ohio, area that allows them to find out what their out-of-pocket expenses will be for various insurance plans.

Even states are getting in on the action, with Massachusetts becoming the first state to actually require up-front pricing for health care. More states are sure to follow.

As patient satisfaction, positive health outcomes and price transparency continue to change healthcare, will your organization be ready?