What You Need to Know About Hospital Price Transparency – And How You Can Use This Info to Save Money Now
If you went shopping for a car, would you go to a dealer who would not tell you the price? Most people would say No! Yet for years, consumers have gone to the hospital without really knowing the cost of procedures or medical services. They only find out after all of the services had been provided and they receive their bill.
To provide more price transparency, effective January 1, 2019, hospitals must now post online prices for procedures. So, if you want to know the “price” before you head to the hospital, it is now available. Comparing prices online from different hospitals may tremendously help you find a much cheaper option for the same procedure.
What does transparency do for you?
You deserve to know the price of the services that you receive. Most of us shop for the best deal for everything from toothpaste to houses. Hospitals must now put their charges for services online and involved consumers should be exploring what they post.
While Medicare may cover a portion of hospital costs, there is a good portion of the charges that you are responsible for. Informed consumers look for Medigap policies to make sure that they have sufficient coverage, but even then some plans have high deductibles that can leave you paying money out-of-pocket. Not only does exploring the cost of hospital costs make you a more informed consumer, it sends the message to hospitals that you are involved and expect the best service.
Because prices vary so much among medical providers, we always encourage our readers to price shop. If you’ve already received medical treatment, there are still easy ways to negotiate your medical bills down.
Medical Bill Reviews – How It Can Save You Money
Most people are concerned with their bill if they go to the hospital but those who are insured are most concerned with their out of pocket costs. For example. If you are responsible for 20 percent of the bill then having an insurance company that negotiates prices below the posted costs ultimately saves you money.
We have partnered with South Florida Utilization Review (SFUR) to help you lower your medical bills. They can help you save up to 50% on your hospital bill. We even shared how one of our clients saved money on his hospital bill with the help of SFUR on this page. Plus, you get to join this amazing service for free. To find out how this service works, read about it on our Medical Bill Review page.