What Is Price Transparency?
Health care price transparency can be defined as information about medical services and procedures that is to the public. This information together with other hospital and medical practices information, such as quality, safety, and health outcomes data, helps define the value of those medical services. When all of the data and information id open to the public and not hidden behind a vail it enables patients and other care purchasers to identify, compare, and choose providers that offer the desired level of value.
Have you ever felt like you were playing the shell game when paying for healthcare? Many of us feel that way. If healthcare providers acted like any responsible retailer, they would clearly posted their prices and stick to them. A ‘price estimate’ from a hospital means nothing. Check out this nightmare story about back surgery. It doesn’t have to be that way. Price transparency means that you can see the price before you purchase a service and that is the price you pay, that it. So if you carefully shop for care and get a price quote after a lot of effort, then get a bill that is 3X the quote, that is unfair.
There is no industry in the US that can get away with that, except healthcare. You may hear: ‘our estimate is based on average charges and your case was different’. You can find providers that will provide price transparency: a written price that is all inclusive and that is what you pay. Unfortunately this is not common and perhaps not easy to find, but these providers exist. That is price transparency.
uMedMarket does this work for you and brings online shopping with price transparency to you phone. You shop for a service, check out the prices and ratings, then buy online. It’s that simple. The price you see is what you pay, no excuses. That’s price transparency.
Learn More About Insurance And Buying Healthcare Online
Cash is king because it lowers the cost of providing care.
The doctor doesn’t have to deal with insurance billing, delayed payment or collections. That’s about 25-30% of their overhead.
Our independent providers don’t charge “facility fees” which are allowed by insurers to compensate hospitals for costs associated with operating a hospital.
Our providers are competing for patients against Billion Dollar plus Health conglomerates.
Co-Insurance is way to split payment for specific services between you and your insurer. Typically only certain high cost services will have a co-insurance payment, like hospitalization. With a co-insurance amount (usually a percentage of the allowable charge), you will always pay that percentage each time you use that specific service.