A recent report has shown that consumers don’t know how much cost variation there is in health care services between providers, and it’s costing them $18 billion in overpayments due to the price variation seen across the healthcare industry from hospitals. In network price variation is negatively impacting all U.S. consumers. Medxoom’s proprietary comparison shopping tool allows consumers and employers to get a better understanding of the price and quality variation of a medical service before they get it.
Axios has found that hospital admissions, surgeries, and other procedures has been flat but that hasn’t prevented them from continuing to bring in more money than 2018. The rising costs in healthcare costs are a contributing factor, yet hospitals are making more money than ever. Medxoom can help even out the playing field in the modern healthcare marketplace with our proprietary price comparison shopping tool.
The healthcare marketplace continues to be impacted by the lack of transparency in both pricing to patients and costs incurred by hospitals. Hospitals are notorious for inconsistently charging for the same service across. Medxoom’s modern marketplace technology can help provide price transparency on current wide cost variations for the same medical services among providers.
As the costs continue to rise for basic coverage across the industry, it becomes more important than ever to understand your costs before incurring them. For non-emergency situations, comparing costs across your network can help save hundreds of dollars. Medxoom’s modern marketplace technology can help provide price transparency on current wide cost variations for the same medical services among providers.
The government continues to step in to try and help the American people with the rising costs of healthcare. An HHS proposal would shed light on the secret negotiated prices insurance companies pay. Making these prices public would infuse much-needed competition into health care’s bloated secret pricing and potentially drive down costs for patients while increasing competition for patients. As the employers wait for any government help to make the needed changes, Medxoom’s modern marketplace technology can help provide price transparency on current wide cost variations for the same medical services among providers.
Surprise out of network medical billing continues to plague patients all across our nation. Even though Bob Ensor was rushed to an in-network hospital, he was treated by two out-of-network plastic surgeons. Ensor then incurred over $167,000 in out of network bills from the surgeons his health insurer denied. Emergency situations seldom allow patients to check network coverages, and in this case the hospital knew the surgeons were out-of-network, but did not provide this information. The general lack of pricing and in or out of network doctors information in healthcare is an issue Medxoom can help employers with by educating patients to always ask doctors if they are in or out of network before getting treatment.
The Hill argues that we do not currently have a true marketplace for health care due to the lack of information available to patients. The lack of transparency in pricing leads patients to have to suffer through the pain of over paying and surprise billing. Patients need to be informed about their options in order to feel empowered to make decisions for their own health. Medxoom can help health plan members with modern marketplace technologies to compare medical services for price and quality before getting treatment.
If big hospital systems are defrauding Medicare and the U.S. government, imagine what might be happening with employer health plans. Patients and employers need to beware of unnecessary procedures and inflated pricing. Medxoom’s proprietary comparison shopping technology can give employers and their employees the insights they need to help avoid inflated pricing and unnecessary billing.
The lack of price consistency among healthcare providers traps unsuspecting patients into paying too much — if they ever find out. Patients seldom know what something will cost before getting a procedure done. Since the system is shrouded in secrecy, it hinders efforts by consumers and employers to lower the nation’s health care costs. Medxoom’s proprietary comparison shopping technology helps patients chose high quality low cost providers before service to save money and improve outcomes.
Her insurer’s price tool estimated less than $1,375 for a breast MRI. Then she got a bill for $3,200.
Price Calculators are one of the few tools patients have to help shed light on the murky prices across the Healthcare industry, but not always accurate. One patient, Michelle Smith, used her insurance company’s price tool to shop for the costs of her upcoming MRI. Unfortunately, the tool Smith used was incorrect, resulting in a shock when she received her bill. Smith expected to pay between $783 and $1,375 for her MRI, according to UnitedHealthcare’s price estimator, but received a bill for $3,237 because she had the MRI in a hospital, not a cheaper free standing radiology center. Had her employer used Medxoom’s proprietary pre-service price and quality comparison tool, she would have been easily notified to NOT get an MRI in a hospital for the lowest price and could have compared the same service across multiple locations outside of a hospital within her network and near her home.