While providers (and now payers) are well aware of price transparency rules, the same can’t be said for the beneficiaries of regulations: consumers.
Our latest research finds that nearly half (49%) of U.S. consumers have not even heard of the Hospital Price Transparency Rule. And of those who are familiar with it, nearly a quarter (24%) don’t understand it.
Price transparency has yet to move the needle for a variety of reasons, with low compliance and lack of centralized data just to name a few. But with nearly 90% of consumers having compared the costs of two items while shopping, it’s clear the providers need to give the people what they inherently want: the ability to easily price shop and compare costs.
Here’s what else consumers told us about price transparency:
- 89% of U.S. consumers have compared costs of two items/options (i.e., if gas is two cents per gallon less at one gas station vs. another across the street) when shopping.
- 73% of U.S. consumers consider price transparency and costs when deciding if they will pursue medical care.
- Less than a third (28%) of U.S. consumers have searched for pricing information ahead of an elective healthcare appointment or procedure and found the information readily available.
- 74% of U.S. consumers wish their hospital better explained its price transparency compliance to them.
The takeaway? The billing experience is a key driver of patient loyalty, and that includes understanding what you owe, and why. And the health systems that rise to the top will look beyond compliance, and find ways to truly engage and communicate with patients about their financial responsibility.
Fore more on cost transparency best practices, check out our blog posts on pricing psychology and surprise billing.