Public Agenda recently released the findings of research focused on understanding how consumers use price transparency information. The research was conducted with funding from the Robert Wood Johnson Foundation and the NY State Health Foundation. This report highlights a number of key realities that we solve at Markit: (1) patients want to understand the cost of healthcare, but most don’t think enough information exists today and (2) in the absence of price transparency information, patients rely on a number of imperfect sources to understand cost and quality. Public Agenda identified a number of implications, including (a) we need to help patients compare prices and save money, and (b) we need to equip medical professionals to discuss prices with their patients.
Criticism of the US healthcare system often focuses on the most accessible metric of the health and sustainability of our healthcare industry — total spending. The verdict is clear — we spend more on healthcare than almost any other nation, and we can’t always tie that spending to better quality care. Still, for a number we track obsessively, it can be hard to understand the drivers of growth. This is a complicated question, no doubt, but let’s see if we can unpack (at least) some of the details.
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