5 Emerging Trends in Healthcare Price Transparency

It has been over two years since federal hospital price transparency rules were passed. Even as the country strives toward more straightforward pricing in healthcare, the United States is still spending nearly twice what other developed nations do in this sector. At the same time, only 16% of hospitals nationwide currently comply with transparency rules, according to PatientRightsAdvocate.org. In many cases, the penalties are simply easier to stomach than the process and expense of becoming compliant. 

In 2023 and 2024, more price transparency laws will take effect. At the same time, a staggering 100 million Americans and counting will find themselves in medical debt. And data from the Kaiser Family Foundation shows that 95% of Americans want policymakers to prioritize healthcare pricing transparency. With consumers and lawmakers pushing in the same direction, what changes can we expect in the coming year? 

Trend #1: The industry will be navigating new rules and regulations.
As of January 1, 2023, payers are required to provide online price estimator tools for patients seeking medical procedures and prescription drugs. And, those that don’t make these tools available by 2024 will stand to face steeper penalties than ever before. Additionally, in-network and out-of-network negotiated rates will be subject to clearer price disclosure, meaning hospitals and health systems will be pouring resources into making information more accessible to the public. 

Trend #2: Healthcare shopping and consumerism will grow in popularity.
Currently, four out of five Americans find comparing healthcare costs difficult. But as transparency and compliance increase, patients will be able to plan for expenses with more confidence. When consumers have more information at their fingertips, they become more choosy about where and when to make purchases (or, in this case, receive healthcare). 

Just as airfare has become an increasingly democratized and competitive space, consumer behavior can be expected to change similarly in the healthcare sphere as the opacity that has clouded pricing begins to fade.

Trend #3: Patient experience will become a greater industry focus. 

Exceeding patient expectations may not be a consistent focus for the industry presently, but it is likely to become one. Price and convenience will certainly impact patient decision-making, but so will their overall experience. Expect new market entrants and industry disruptors to compete against established providers to provide easily accessible, competitively-priced, high-quality care.

Trend #4: Providers will work toward perfecting the billing experience.

Closely related to the patient experience is the billing experience. In short, people who understand billing processes are more likely to be satisfied with their care and more likely to pay their medical bills promptly. In a healthcare market where consumers are more informed and exercise more agency overall, providers will likely refine billing processes as they pivot to focus more squarely on the patient experience.

Trend #5: Discounted out-of-pocket expenses 

With healthcare prices becoming more transparent, some patients may choose to save money by paying a reduced, upfront cash price for services without insurance. The number of Americans participating in high-deductible health plans is on the rise. And with a significant gap to cover before their plans start to take effect, many are looking for alternatives to billing through insurance when a discount is available. Skipping insurance and paying a discounted rate upfront may become an option patients seek with more regularity.

MDsave is ahead of the curve when it comes to these trends. Already focused on affordability and cost transparency, we provide healthcare consumers with a familiar, easy-to-navigate online platform where they can shop for care. Providers can offer uniquely competitive, bundled pricing, reaching new populations–and employers can plan on lower, more predictable costs.

To learn more about how you can join our network or partner with MDsave, contact us for a free demo.