Patients are paying more out of pocket for their care.
“Patients are likely seeing more providers and payers recommending that they take advantage of cost-effective healthcare options, which brings down costs for all parties. This is especially important as costs continue to rise in all areas of healthcare, particularly in inpatient, outpatient and emergency department services.”
In 2017, the average inpatient cost was $4,068; the average outpatient cost was $990; and the average emergency department cost was $577.
In 2018, the average inpatient cost was $4,659; the average outpatient cost was $1,109; and the average emergency department cost was $617.
Price transparency is more than just posting the prices for services. There are strategies behind this for patients and providers. Understanding how contracts are negotiated and their values has always been a mystery. Our platform is designed to provide you the data to point you in the right direction but is not the end goal.
Currently, compliance is on the rise and is predicted to continue this trend in future with strict policies and penalties in the works coming soon. States are starting to push legislation to increase compliance in the posting of machine-readable files and price estimator tools.
CMS is fully committed to this price transparency initiative:
“The American people are entitled to know what they’re buying, especially if it is a life-or-death situation,” he said. “So, what I can say to you is we will do a robust enforcement to make sure price transparency is there for all Americans, because far too long, people have never had an idea, what they’re going to pay when they walk into a hospital.”