Auditor: hospital price transparency tools now available
In addition, the the federal government now requires each hospital to have a publicly available website showing how much you will pay for “purchasable” procedures. You can find all Vermont hospital pricing transparency pages on my website. Please visit these sites so that you are ready to use the tools when you need them. Hopefully, the state’s Green Mountain Care Board creates a user-friendly site so that Vermonters can access all the information they need, in layman’s terms, without needing to visit many (often confusing) websites. ).
I would like to conclude by going back to the two examples I opened with and briefly explain why these new price transparency tools are so important.
In the joint replacement example, it’s likely that many Vermonters’ health insurance policies will cover most of the tab. However, if you own a small self-insured business, the difference between the two hospitals is $ 10,000 of your money!
Ditto with a health reimbursement account (HRA). Your employee may not have a direct financial interest in choosing the cheapest option, but you are certainly encouraged to equip them with price differences. Heck, you can even offer a cash incentive to use the provider for less, putting money in the employee’s pocket while keeping more money in your business bank account.
If you don’t have health insurance, the importance of this pricing information is even more vital for expensive procedures like joint replacements. It could be the difference between seeking treatment or not, and going bankrupt or not!
In the MRI example, many Vermonters would be directly impacted financially by the choice they make. Simply put, would you knowingly choose to pay $ 1,500 more out of your own pocket? for exactly the same service? Most Vermonters I know would scoff at this suggestion. With the new pricing tools, you have the power to avoid this equivalent of setting your money on fire.
My office, your legislature, and the federal government have all made making hospital pricing information available to you so that you can pay the best price for quality health care services. These tools have a value in direct relation to the number of Vermonters who use them. So do yourself a favor, do your family a favor, do your small business a favor – check out these tools, show off Yankee savings, and keep more money in your pocket.