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.
Price transparency tools. A hot topic, but to be more than a niche strategy, the tools available to health plan members must be actually used by those members. So how do employers get health plan members to actually use the tools available to them?
As the U.S. health care system undergoes significant change, consumers must adapt by taking greater responsibility for their health care decisions, including choosing health insurance plans and managing medical expenses.
What’s the best time to learn about the cost and quality of care? Is it when you get the bill or when you choose the doctor or hospital?
Game design and health benefits don't obviously share a lot in common. However, at the recent Design + Benefits webinar, James Currier – Jiff’s founder and a former game designer – made the connection, explaining that benefits administrators should consider using game design principles to boost engagement in health benefits
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