The recent report “Price Transparency in U.S. Healthcare: A New Market” by research and advisory firm Aite Group released last Thursday establishes health care price transparency as a growing, new health care market. The move toward health care price transparency is expected to increase revenue for banks, merchant acquirers, clinicians and hospitals based on the growing consumer demand for greater transparency on health care costs. Supporting companies can expect to increase revenue to $1.9 billion by 2016. According to the study, the total market for price transparency products and services will increase from $540 million in 2012 to $3.09 billion by 2016, which is a compound annual growth rate of 55 percent from 2012 to 2016.
Increasing enrollment in high-deductible health plans (HDHPs) and consumer-directed health plans (CDHPs) will be a major influence in the move toward health care price transparency. However, the demand for greater price transparency is not exclusive to HDHP/CDHP consumers, as all consumers desire a balance in quality and cost. Although growing HDHP enrollment is not the only factor in the move toward health care consumerism as the purchases of insurance on the state insurance exchanges start next year.
Health care consumers’ desire to align the quality of care with the cost of receiving care paves the way toward health care price transparencies. Along with consumer desires, legislative changes through the Affordable Care Act have provided opportunities for health care entrants to create a new market by addressing sticker shock, clarifying confusing healthcare bills and helping both insured and uninsured choose providers.
The consumer-directed health care movement demands that consumers take on the three A's – awareness, accountability and active involvement – when it comes to health care decisions and spending. However, to help consumers tackle this immense transition, health plans and employers need to properly engage consumers so they can better
Benefits strategies remain one of the most important tools for talent acquisition and retention. According to an International Foundation of Employee Benefit Plans survey, the vast majority of employers rely on benefits to attract corporate talent and to retain their current internal talent pool (79 and 75 percent respectively). And
As health plans and benefits advisors plan for this fall’s enrollment period, the results of a recent FAIR Health consumer survey shed light on what is most important to plan members when they select health insurance or choose a doctor.
According to 2015 FAIR Health survey estimates, half of U.S. consumers consider their out-of-pocket medical costs higher than they expected. A third of those surveyed felt that costs were much higher than anticipated.
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