Most consumers are not shopping around for better healthcare prices
While the Biden administration and federal agencies have made price transparency a long-term goal for the U.S. healthcare industry, a recent study revealed Americans aren’t actually shopping around very often for better healthcare prices.
However, that may be largely because they are unaware of publicly available pricing information or even believe there is much competition in healthcare because of limited price transparency, according to a study by AKASA conducted on behalf of YouGov.
A whopping 64% of Americans said they had never tried looking for prices of care or services needed. The survey queried 2,000 Americans about their price comparison habits when it came to healthcare prices. Despite only about one-third of Americans looking for prices, doing so wasn’t even across demographics.
Younger consumers (18-34) tended to be much more likely to research prices for healthcare services (45%) compared to adults 55 and older (27%). Those with high-deductible health plans and individual plans were also more likely to look up healthcare prices––41% and 43%, respectively.
Interestingly, more Americans (58%) said they would be more encouraged to shop around if pricing information was disclosed before necessary healthcare procedures and services.
"There's clearly a gap between what many healthcare organizations––providers and insurance companies––think helps increase price transparency and the experience of patients in finding price information conveniently and in a manner that is easy to understand," Amy Raymond, vice president of revenue cycle operations at AKASA, said in a statement. "This is a deterrent for patients in seeking out the best price like they would in any other industry, which can be incredibly frustrating.”
The survey comes as efforts are still ongoing to make price transparency more readily available for consumers. The Trump administration enacted a price transparency rule that requires hospitals to post their list prices on their most common procedures online for the public to compare shop. However, the industry has dragged their feet complying and has fought the rules every step of the way, even with several delays in implementation and enforcement. Some studies have revealed appalling compliance numbers across hospitals.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."