Why price transparency in health care?
Because health care costs are not just confusing, they are often unknown until after the bill arrives.
Many times, even your doctor can’t tell you at the time of your visit what a procedure is going to cost you because they don’t have access to your current insurance plan status or know how much of your deductible has been met.
Did you know that there could be a BIG difference in the price that providers charge for the same procedure? Even between nearby providers, with similar credentials, who take your insurance? And that difference impacts your out-of-pocket cost.
- A colonoscopy in Chicago varies in cost from $650 to $2,210
- An MRI in northwest New Jersey varies in cost from $331 to $1,237
A cardiac catheterization in Dallas varies in cost from $2,876 to $5,646
Surprised? So were we.
And as we become more responsible for our health care spending, that is all the more reason to be informed and involved in the shopping process.
Cost ≠ Quality
The doctors and hospitals that charge more money must be better, right? Not necessarily. In fact,have shown that there is no direct correlation between health care costs and quality.
Providers negotiate their charges with each insurance company so a higher price may mean a better negotiator, or just a shortage of a particular specialty in the area. The good news is that there are reliable quality measures available, and even patient reviews, to help take the guesswork out of finding an effective provider or facility.
At WellMatch, we think shopping for health care services should be like shopping for any other product: by comparing price, quality, and convenience.
Ready to learn how WellMatch can provide you with health care cost and quality information?
Already have access to WellMatch?
If your employer doesn’t offer WellMatch or you aren’t sure if they do, talk with your HR/benefits manager.