Price Transparency in Radiology-A Model for the Future

Area of Science:

• Health Economics
• Healthcare Management
• Radiology

Background:

• Patients face financial burden and anxiety due to a lack of healthcare price transparency.
• High-deductible health plans (HDHPs) shift costs to patients, increasing the need for price information.
• Historically, healthcare pricing has been opaque, but external forces are driving change.

Purpose of the Study:

• To examine the motivations behind healthcare price transparency initiatives.
• To identify limitations of existing price transparency tools.
• To assess the potential impact of price transparency on radiology services.

Main Methods:

• Review of the intended motivations for price transparency in healthcare.
• Analysis of current limitations in healthcare price transparency tools.
• Description of the development and implementation of an online tool for estimating patient out-of-pocket expenses at the University of Utah.

Main Results:

• Price transparency is essential for patients to "shop" for healthcare services.
• Imaging, pharmacy, laboratory tests, and ambulatory surgeries are identified as potentially shoppable services.
• The University of Utah developed an interactive tool to provide patients with out-of-pocket cost estimations.

Conclusions:

• Price transparency aims to empower patients and potentially reduce overall healthcare spending.
• Current tools have limitations, necessitating further development and refinement.
• Implementing patient-facing tools can improve understanding of healthcare costs, particularly in areas like radiology.