Many doctors and hospitals contractually prohibit insurers from publishing their complete list of fees.
Fact 1: CMS released data in 2013 showing the cost of procedures can vary up to 4 and 5 times from one hospital to the next, in the same city.
Fact 2: Many drugs produced by the same drug company sell at a cost of up to 50% more in the U.S. than when sold abroad.
If consumers had access to the actual charge of every procedure at every hospital and doctor office, I believe market demand would bring prices down. Good News: transparency tools are already here. This information is available now. The more folks start using these tools, the closer we come to a transparent marketplace.
Remember, insurance of any kind simply reflects the cost of repair. It’s time to target the cost of repair in our healthcare system.