Price Transparency for Beginners

Price Transparency for Beginners
Photo by Scott Graham / Unsplash

Tess Braunstein

What is price transparency?

Price transparency provides key information to consumers about the costs of services and procedures carried out by healthcare providers and in hospitals. This allows people to estimate the prices of shoppable services which can be scheduled in advance, such as mammography, ultrasounds, and blood tests. Providing these prices to patients helps them calculate out-of-pocket costs, make better sense of pricing schemes and standard charges, and predict how much their next medical bills may be.

How can I make informed health decisions?

Comparing the prices of procedures and services is an excellent way for patients to make informed health choices and plan out their health care spending. This also allows them to make shared decisions about their potential course of treatment with their clinician, which can lead to greater health outcomes. Clarifying healthcare costs is a key way for consumers to take an active part in managing their finances and budgeting for their care. It is also a useful educational tool that helps people gather relevant information and gain a greater sense of health literacy. Making such informed decisions empowers consumers, and helps them become their own best patient advocates.

How do I estimate health care costs?

With rising costs causing an immense economic burden for patients, significant medical debt piling up for millions of Americans, and increasing stress on the healthcare system, it is crucial to help people anticipate the costs of medical care. Providing an effective tool that allows consumers to estimate prices and make beneficial financial choices is an important way to assist them in navigating the complicated healthcare system. Instead of sifting through various sources, confusing data, and complex documents, informed consumers can use our website to search for prices and make smarter decisions about their health.