I’ve known people who drive miles to save $.03 on a gallon of gas. That’s $1.50 on a full tank of gas. Imagine what these people will do when they can save $13,000 on a Colonoscopy.
Will price transparency actually make a difference in healthcare?
The nation’s roughly 6,000 hospitals have begun to reveal the secret rates they negotiate with insurers for a range of procedures. The data offer the first full look inside the confidential deals that set healthcare rates for insurers and employers covering more than 175 million Americans. The submissions also illuminate how widely prices vary—even for the same procedure, performed in the same facility—depending on who is paying.
In a separate WSJ article they introduce Turquoise.Health. Go ahead and give it a spin. In my market I pulled up diagnostic colonoscopy and within a 200 mile radius of me the prices ranged from $300 to $14,000. How far am I willing to drive to save $13,000. Drive may be the wrong metric, I could fy to Hawaii, stay on the ocean for a week with my family, drink only from the mini bar, get my colonoscopy on the last day and still be ahead on the transaction.
I understand context matters and there is nuance to healthcare pricing, but do you think that matters as every major newspaper starts to do their research on Turquoise Health.