Price Transparency in Healthcare

Consumer satisfaction remains low for both providers and payers. The primary reasons cited by consumers for a poor healthcare experience are “surprise bills” and the lack of clear and accurate price transparency, before service or at the point of care. Consumers need help to become better informed decision-makers.

Providers, insurers, pharmacists, and others want to help them, but need to be able to align their products and services around patient/consumer wants and needs. In the end, if we achieve greater transparency, we can move toward a much better experience for healthcare consumers.

BANKRUPTCIES IN THE USA

DUE TO MEDICAL DEBT*

*Himmelstein, DU, Lawless, RM, Thorne, D, Foohey, P Woolhandler, S, 2019: Medical Bankruptcy: Still Common Despite the Affordable Care Act American Journal of Public Health 109, 431_433, https://doi.org/10.2105/AJPH.2018.304901

Helping Healthcare Give Consumers a Retail-Like Experience

From our unique vantage point working with stakeholders across healthcare, Change Healthcare seeks to be neutral, objective, and collaborative partner with our payer and provider customers to help empower consumers.

Along with our customers, we are closely monitoring ongoing developments related to transparency in healthcare to determine how we can best help them address governmental requirements and their own market dynamics.

We see mandates for cost transparency as an opportunity to instill greater trust across the healthcare system itself, improve the consumer experience, and support healthcare retail initiatives and digital transformation objectives.

For payers, this means building trust with their members and empowering them with transparency. It means ensuring that billing, payment, and financing tools work seamlessly across the healthcare system like the consumer experience in other retail or e-commerce shopping and bill payment aspects of daily life.

For providers, billing and payment experiences are among the primary drivers of patient dissatisfaction. Transparency means more accurately estimating and collecting patient responsibility pre-service and at the point of care. This up-front price transparency can help foster an improved patient/provider relationship and reduce financial risk for both.

 

Price Transparency is Coming for Payers, Providers, and Pharma. Are You Ready?

Federal rules might soon require payers to publish what they pay for services, and providers to give patients a "total price for care" in advance of services rendered. Listen to Bill Krause, Change Healthcare VP of Experience Solutions, discuss what price transparency may mean for payers and providers, the role of price transparency in consumer engagement and value-based care, and advice for healthcare stakeholders challenged by the increasing "retailization" of healthcare.

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