Transparency Ecosystem in Healthcare

The following is a guest article by Paul Ketchel, Chief Executive Officer at MDsave. Cost transparency is a driving force in the American market. Whether consumers are looking to purchase a latte, a plane ticket, or surgery, they increasingly expect to pay an “out-the-door” price– something that includes all labor and materials as well as the finished product or service. When polled, 66% of Americans indicated that they would shop for care if prices were publicly disclosed. And in pursuit of competitively and transparently-priced services, some patients attempt to shop locally; more and more, however, consumers flock to medical tourism – a practice that is quickly rebounding to its pre-pandemic popularity.  While U.S. regulations tighten the requirements for disclosure, consumer behavior has also adapted to the online marketplace. Technology now plays a key role in buying behaviors, allowing patients unprecedented access to “shop” for services at their convenience. Health Catalyst, a data and analytics platform, presents the online marketplace as an opportunity for providers. Bundled and transparently-priced services can “satisfy increasing patient interest in (the) cost of care,” the company says, and boost a patient’s trust in– and sense of loyalty to– their healthcare providers. Patients who have a higher level of confidence in what they are paying for are more likely to be satisfied with their care, and thus more likely to refer friends and family, ...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Ambulatory Communication and Patient Experience Health IT Company Healthcare IT Revenue Cycle Management Cost Transparency Health Catalyst Healthcare Price Transparency MDsave Paul Ketchel Source Type: blogs