Price transparency in healthcare is essential for providing patients with clear, upfront costs of medical services, empowering them to make informed financial decisions.
In this episode of Straight Out of Health IT, Dr. Jonathan Kaplan, founder and CEO of BuildMyHealth, explains how their new platform DrWell addresses this challenge by offering real-time cash-pay price transparency, connecting patients directly with providers to ensure both affordability and continuity of care. Historically, healthcare pricing has become complex due to advancements in technology, third-party insurance involvement, and evolving payment models. Therefore, patients often face hidden costs, such as copays and deductibles, leading to unexpected financial burdens.
In this conversation, Dr. Kaplan highlights that cash-pay options can often be more cost-effective than relying on insurance, especially for non-emergency services like outpatient procedures and medications. Increased price transparency drives competition among providers, ultimately reducing costs for patients while encouraging them to explore cash-pay options. For providers, adopting transparent pricing models and embracing cash-pay services can ensure financial sustainability and independence, particularly as insurance reimbursements continue to decline.
Dr. Kaplan believes that moving forward, the healthcare system is expected to shift toward a market-driven model where insurance primarily covers catastrophic events, while patients pay out of pocket for more routine services. Consumers are advised to check prices ahead of time, explore cash-pay rates, and avoid defaulting to insurance when it isn’t cost-effective. Providers are encouraged to treat patients transparently, offering clear cost estimates and embracing models prioritizing affordability, trust, and improved care outcomes.
Tune in for an eye-opening conversation on how price transparency in healthcare can save you money, empower your choices, and transform the way you approach medical care!