Cost and Quality Transparency
Key Advantages of Cost & Quality Provider Transparency
When supplied with healthcare provider cost and quality information before medical treatment, employees become smart consumers by simply treating the purchase of medical services as they do with any other major purchase… lowers healthcare costs and improves clinical outcomes…5% to 15% savings in plan costs The prices healthcare providers (i.e. Hospitals, Physicians, Imaging Centers, Laboratories) negotiate with the BUCA insurance companies vary enormously within and across regions. Without transparency, consumers are left ordering from a menu without any prices. Cost shifting through enrollment in high-deductible and out-of-pocket health plans has put the onus on employers to provide pricing and quality information for insured patients at or before the point of care…enabling consumer-directed healthcare. Transparency tools empower employees to maximize spending from their tax-advantaged Health Savings Account (HSA)… determine the right balance of convenience, cost and perceived quality acceptable for them and their families for each type of purchase. Employees & dependents have access to online cost and quality transparency tools that offers a healthcare provider shopping experience similar to other online retailers such as Amazon.