Price Transparency in this Phase III stimulus package will give all Americans, future financial certainty and control of their costs of healthcare and coverage.
Price transparency is so important for the people of our Country. In many ways, it will prove to be as important as healthcare itself. A great issue for both Republicans and Democrats. Hopefully it will be approved!
— Donald J. Trump (@realDonaldTrump) March 24, 2020
Patients deserve to know real prices and have a trusted, competitive marketplace in healthcare.
Real price transparency in healthcare will eliminate price gouging and surprise billing. Patients and employers will be able to shop in a functional, competitive market, negotiate when the bill doesn’t match the price, and ultimately better manage their health and financial wealth.
Price Transparency in Action
Every day, innovative employers and providers are saving thousands for patients and businesses by implementing a price transparent healthcare model.
With a previous job’s insurance plan with limited coverage, Dencina was surprised with a $17,000 bill. She is now on her new employer’s self insured plan, using only price transparent providers covering her care and sharing the savings with her — adding $5000 to her compensation.
In 1991, Rosen chose to self-insure and provide on-site healthcare. Employees pay on average $810 per year for coverage, with no co-pay or deductible. Rosen has saved over $400 million since inception of this model.
The school system estimates savings to its taxpayers of $6 million in its first year of direct contracting.
DeSoto chose to contract directly with price transparent providers and saved $1.2 million (54%) in its first year.
BevCap, a group of self-insured companies who pool their health coverage, has saved its members $98 million by directly contracting with price transparent providers.
Stauffers, a grocery and garden center in Pennsylvania, steers its employees to price transparent providers – offering employees no copay, no deductible, and cash bonuses, and saving the business on average 60% per procedure.
Texas Free Market Surgery posts its bundled prices online and guarantees its prices and quality. Patients travel from across the country to save thousands on surgery.
Employee Solutions, a Texas staffing company, uses a price transparent model and lowered its monthly healthcare cost per employee by 56% in three years.
Since posting all of their prices online eleven years ago, the Surgery Center of Oklahoma has actually lowered its prices four times. Patients travel from across the country to save significantly at the center and even use its prices to negotiate with their local hospitals.
Why patients need complete access to their health information
According to a Winston Group survey of 1,000 Americans, 72% of Americans believe that their medical records should be automatically uploaded to a secure site so they can see all of their records in their entirety, and they can share them instantly with whomever they choose, such as a provider, family member or caregiver.
After being sent to the ER without access her medical records, Kelly was misdiagnosed with a stroke, mistreated with the wrong medications, and mischarged for it all. Not having complete access to her health information could have killed her.
Whit’s care team over looked the most significant piece of information on his medical records: he had cancer. Only through delving into his own health history did he find that his scans revealed he had renal cell carcinoma. Having access to his records saved his life.
Your voice matters. Your story matters.
Mary Washington Hospital, in Fredericksburg, Virginia, has been suing its patients for medical debt. In a town of 28,000 people, the hospital has sued over 20,000 patients in the past five years.
As a self employed handyman, Martin’s health plan costs more than doubled, and his deductible went from zero to $6,000. An unexpected diagnosis led to unexpected surprise billings that added up, forcing difficult decisions affecting his family.
Claudia needed spinal surgery. She researched the physician based on quality and coverage by her insurer. Though he advertised in network, she was surprised to learn after the surgery that he no longer accepted her plan, surprising her with a $101,000 bill.
Judy had breast cancer and was over-infused with an incorrect protocol that harmed her. After using credit cards to pay balance billing charges to doctors and hospitals, she was forced to file for personal bankruptcy. She is on Medicaid.
Planning for a new child, David and his wife were told by their doctor to get simple genetic testing. They were shocked when they received the bill.
Liz has two sons with a chronic, life-threatening health condition. Throughout their continuum of care, she has had to commit to services without knowing the price. She wants to understand who sets these high prices.
Even professionals like Dr. Lerner, a family practitioner, find themselves surprised by unknown, out-of-network fees within their own healthcare system. He recommends the same price for one patient and all patients by provider.