Interesting article on need to refine price transparency tools to increase patient use and cut costs. Many healthcare experts are looking to price transparency to help patients make healthcare decisions and potentially decrease healthcare costs. But there is still industry debate about the efficacy of price transparency – whether these tools actually improve patient experiences with healthcare, cut costs, increase effectiveness. Evidence suggests that as currently utilized, healthcare cost comparison tools do not in themselves reduce costs. But these tools still have the potential to reduce out-of-pocket spending and the patient experience. If properly utilized, cost compare technology should help patients cut their own healthcare spending because they know the lower-cost providers to visit. The article suggest that price transparency tools should also include information to help patients understand the quality of care they are considering. This means displaying quality metrics that are meaningful to patients and using language that makes value metrics understandable for patients.
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