The news: Two recent studies on shoppable healthcare services show there’s a disconnect between what healthcare consumers say they want when it comes to cost transparency and what they actually do when pricing info is more readily available to them.
Key stat: 64% of Americans have never shopped for prices on healthcare services, per an online consumer survey conducted in March 2022 for healthcare AI company AKASA.
Keeping up with price transparency mandates: Hospitals and health insurers are now required to post prices online thanks to the CMS’ Hospital Price Transparency Final Rule, which took effect on January 1, 2021, and the Transparency in Coverage rule, effective July 1, 2022.
Trendspotting: When patients do shop around for prices, it’s for the costs of routine procedures, such as colonoscopies, mammograms and tonsillectomies, but also some very specific–and expensive–ones, Turquoise reported.
The top 10 “shopped for” healthcare procedures in Q3 were:
Zooming out: Inflation and other economic pressures are driving patients to delay care or skip needed medications. They need more help to find price information on shoppable services.
The opportunity: Non-hospital providers—think digital health startups—can begin to aggregate and publish prices as they become available in Q1 2023, per Turquoise Health.
This article originally appeared in Insider Intelligence's Digital Health Briefing—a daily recap of top stories reshaping the healthcare industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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