It’s no secret that hospital bills can be high. However, new research reveals price discrepancies between hospitals. How does a C-Section cost $3k one place, and $15k in the same state? We’ll walk you through a recent study released Tuesday on price discrepancies in the healthcare market.
A New Study May Help Consumers Recover Bills From Injury
Hospital prices have long been kept a mystery. Even when going in for a routine visit to the hospital for something like a C-Section or a colonoscopy that patients can plan ahead for, the prices aren’t exactly posted. Healthcare prices can fluctuate more than the prices in a used car lot. What’s missing is a “Kelly Blue Book” of healthcare – but this week’s study may be a big step towards consumer empowerment.
Carnegie Mellon economist Martin Gaynor has analysed the negotiated prices the nation’s three largest insurance companies, Aetna, Humana, and UnitedHealth pay for procedures like C-sections, MRIs and hospital stays.
When added up, that’s claims data for around 88 million customers, or $682 billion in healthcare bills.
No study has ever had access to such an exhaustive set of real price data before. That’s why health care shoppers have been blind to hospital mergers, monopolies, and their ability to drive prices up.
Before, economists have looked at a set of data in one state, often times analyzing the sticker price listed by the hospital. However this study allowed Gaynor to analyze the prices health insurance companies actually paid to the hospitals.
And the big takeaway? Price does not dictate quality in health care received.
Injured? Hurt in a Car or Truck Accident? Call Rhett Hoestenbach Today
We are sometimes baffled by the price discrepancies we see in hospital bills. These findings really showcase why our work is so vital to the recovery of our clients, and why there’s no “set price tag” on a personal injury claim. If you or someone you care about has been injured, contact us at 512-472-8865 or email us at firstname.lastname@example.org.