The price of hospital care — the largest single component of healthcare costs — continues to rise. One of the main reasons is the growth and consolidation of hospitals, giving them the power to raise prices as local competition decreases. As prices continue to rise, pre-service comparison shopping for price and quality can save employer health plans 10% or more in annual hospital costs. Medxoom gives shopping power back to patients and employers with our proprietary Price Comparison technology based on an employer’s historical claims data.
From Modern Healthcare:
“For inpatient care, hospital prices grew 42% from 2007 to 2014 while physician prices rose 18%, according to researchers who studied the Health Care Cost Institute’s claims data for people with employer-sponsored insurance from Aetna, Humana and UnitedHealthcare Group. Similarly, for hospital-based outpatient care, hospital prices increased 25% while physician prices grew 6%, the new Health Affairs study found.”