Brookwood Baptist Health’s patients bear the burden of rising out-of-pocket costs like never before. They expect to pay more upfront, and they demand better cost estimates for procedures and more flexible payment options.
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Facing increasing high-deductible health plan enrollment and a consolidating market, Emory Healthcare's leadership team needed to understand how their patients make healthcare decisions and the role that price played in where they went for care. To do this, Emory carried out in-depth customer focused work and price benchmarking to understand its relative position and the role of price in consumer choice.
Thanks to a growing number of Americans with consumer-directed health plans, such as high deductible policies and health savings accounts, patients today bear greater financial responsibility for their care. Given this reality, hospitals and health systems must recognize the growing importance of price as a key patient selection criterion.
Price and Quality Transparency: Analyzing the Publicly Available Information for Strategic Advantage
Price and quality transparency put more data in the public domain, making the importance of early identification of issues and verification of accurate data even more important to hospitals and health systems.
The Healthcare Financial Management Association (HFMA) has developed a guide to help consumers understand where to get answers to their questions about healthcare prices, compare prices among providers, and manage their out-of-pocket costs.