Consumerism to Drive Healthcare Costs Down

In a marketplace where the Consumer Price Index is trending ever-upward, Americans have grown used to paying more. People are paying more at the pump, at the grocery store, and on energy to heat and cool their homes. While the rising costs of some essentials are hard to avoid, savvy shoppers are turning to comparison shopping on an increasing basis to offset increased prices. One area where this consumerist behavior is making a significant impact is in the healthcare industry.

Healthcare has long been one of the murkier markets to navigate as a consumer. However, providers are learning that when expenses are unpredictable, some patients will avoid spending altogether– even when that’s not what is best for their health.

Pricing as a barrier

32% of respondents to a HealthCareInsider.com/YouGov survey reported high out-of-pocket costs as a critical factor dissuading them from pursuing needed healthcare. [1] With costs impacting patient behavior, there is plenty of room for improvement in pricing transparency. [1]

The latest data from the Bureau of Labor Statistics tells us that medical care services have gone up in cost 4.2% in the last 12 months. Against this backdrop of rising costs, 56% of consumers fear out-of-pocket healthcare costs could lead to bankruptcy in their household. [2]

While other industries allow consumers to research and compare costs easily, healthcare remains confusing and opaque. But it can move in the direction of consumers and, in doing so, build more patient buy-in. When patients know what kind of costs to expect in advance, they can plan for healthcare expenditures with more confidence and get the care they need.

Informed decision-making

While consumers today want to be more responsible for their health and wellbeing, they often feel like they don't have the information or tools to do so. Equipping patients with the pricing information they need to make engaged, informed decisions about their healthcare is key to moving healthcare forward.

By providing bundled, all-inclusive pricing for healthcare services on a shoppable website, MDsave connects patients with the information they need upfront to make confident decisions about their health. Employers benefit from providing coverage for a population that is more proactively engaged. Providers have the opportunity to connect with new audiences. And patients benefit from clearer communication when it comes to matters of cost.

A new direction

If healthcare can move toward a model that more closely resembles the competitive pricing of the travel or retail industries, consumers are likely to be more empowered to shop for healthcare procedure pricing ahead of time of service. Patients who are confident in the cost of their care can commit to the associated price– and do, with upfront payment right where they’ve shopped online.

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

[1] https://patientengagementhit.com/news/over-half-of-patients-worried-about-out-of-pocket-healthcare-costs

[2] https://patientengagementhit.com/news/over-half-of-patients-worried-about-out-of-pocket-healthcare-costs