5 Keys to Creating Sustainable Savings Part 2: Transparent Pricing
This week we’re continuing with our discussion of financial wellness. Financial wellness means aligning with employees to manage escalating healthcare costs.
As we’ve previously discussed, there are 5 actionable keys to create sustainable savings within your company. The first is the reduction of your company’s health spend. We went over this key in our last blog. The second, and this week’s topic, is transparent healthcare pricing.
Transparency as a Tool
Pricing transparency in healthcare has recently been a hot topic. Medical providers, politicians and healthcare consumers are beginning to understand the importance of knowing the costs upfront. When employers provide tools with healthcare pricing information, it allows their employees to make informed, cost-saving decisions.
These decisions can save a lot of money; in-network healthcare prices can vary by as much as 500%! So, choosing a provider without knowing the fair price for care might mean you’ll be paying 500% more than necessary.
Check out this real-life example from St. Louis:
Alignment Between Employer and Employee
As a company works towards financial wellness and the creation of sustainable savings, providing a pricing transparency resource to employees is absolutely necessary. In fact, companies can’t afford not to.
Healthcare pricing transparency means that employees have the opportunity to shop for care. In other words, they can compare prices at different facilities and look for a good value before actually going to receive medical treatments. Read more about value and quality in healthcare.
By empowering your employees to take a more active role in their healthcare, you are creating healthcare consumers. This means:
Your employees’ decisions about their healthcare will be researched and deliberate.
As an employee chooses more reasonably priced care, they save themselves real, out-of-pocket dollars.
At the same time, they are saving you dollars too. Employer and employee savings are aligned.
The Long Term Implication of Utilizing Pricing Transparency
The employees’ choice to seek out fair priced care does not just affect immediate company savings. As employees utilize a healthcare pricing transparency resource, every decision saves the company money. And long-term, this means:
The trend of increasing healthcare costs will slow down. As employees save money with their more informed decisions, they cut down on their out-of-pocket costs. This motivates them to be better healthcare consumers and seek out even more savings in the future.
So while your company’s healthcare expenses continue to increase (due to a number of market factors), they are increasing at a slower rate thanks to those cost-saving choices your employees are making with a pricing transparency resource.
Have a Question? We Have Answers!
If you have a question, we’d like to hear from you! Comment below or to learn more about HooPayz’ Find Fair Healthcare Prices tool, click here.