Your Two Cents On Price Transparency
If you’re like most Americans, you recognize the benefits of greater competition and price transparency on everything from hotel and flight searches to rideshares and dog walking services. Before booking, you look for the best options and lowest costs.
Relying on market forces versus stale, inflexible prices benefits everyone--individuals, companies, and the economy as a whole--leading to a healthier economy, jobs market, consumer market, and financial state.
So this raises the question: why hasn’t one of the most important sectors of the economy--health care--adapted to the competitive marketplace model that consumers demand?
Price transparency is a key step to moving the ball forward on healthcare reform. That’s why the administration is seeking comments on its price transparency plan by June 3, 2019. And that’s why it is critical you speak up now and share your story about outrageous medical bills.
The lack of price transparency for healthcare services, tests, or procedures is one of the greatest obstacles to healthcare reform. When you don’t know the price of something, it makes it difficult to plan, budget, and choose what is best for you and your loved ones.
Perhaps you went in for a check-up by an ENT and later received a $500 bill, when you thought you only owed a small co-pay. Or perhaps you went in for routine surgery and got saddled with a series of bills that added up to over $20,000.
For some, sticker shock ruins their lives completely, as unexpected, exorbitant healthcare bills can cause bankruptcy, foreclosure on their homes, emotional stress that further wreaks their health, and so much more.
Gallup recently reported that Americans had to borrow $88 billion to pay for healthcare bills last year. And, sadly, 1 in 4 people skipped a healthcare treatment, service, or screening because of costs.
This price transparency plan would lead to a more competitive market, which would improve healthcare choices for patients. No more surprise, exorbitant medical bills. No more guessing what you owe. No more trying to figure out how you’re going to pay them.
Ultimately, more information leads to a demand for more choices and better options for care. In other words: it leads to real reform.