Price Transparency Is Anything But Transparent
This IDC Perspective discusses price transparency in the healthcare industry."Price transparency, like allowing for insurance over state lines, is a politician's talking point. Nothing more. Exactly how many people will shop for rates, and exactly how many will get better deals, and be able to execute them? Very few," states Jeff Rivkin, research director, IDC Health Insights. "The vast majority of consumers are employer-insured and/or do not have the time, money, patience, medical literacy, or desire to actually shop for procedures. Even if they do, are they going to wait until open enrollment for their procedure, change insurance plans, and then schedule their procedure? Doubtful. Medicare and Medicaid are the only areas where standardization is possible and, even then, consumer inertia makes price transparency overblown."
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