By Becky Wiese
Consumers continue to become more and more price savvy — we have been trained to get the most for our money for years now. This is especially true for the purchase of a big ticket item — car, house, appliance, even education — because we want to get the best deal financially while still receiving a high-quality product with whatever bells and whistles we’ve decided are priorities.
We think nothing of researching prices, reading through customer feedback threads, and making sure the “experts” also think highly of our choice. If those factors, and others, don’t line up accordingly, we may wait, switch, or go with our gut to buy our first choice.
A similar process is becoming more common in the healthcare industry. Before the price of healthcare skyrocketed, back when large companies had insurance that paid for almost everything — back when co-pays were still low and medical bills were paid and not seen by the patient — patients didn’t often know, or care, what a procedure cost. Those days, by and large, are gone.
With the increase in healthcare costs over the years, insurance has become more expensive and companies now have plans that, while good, require that the patient (the ultimate healthcare consumer) bear more of the costs, either in higher co-pays, higher deductibles, lower limits, or a combination of these and other financial considerations.
The result? “Patients need to examine ‘large ticket items’ and shop around,” suggests John Hesse, Vice President of Business Development for Advocate BroMenn Hospital.
In today’s healthcare environment, several options exist for patients to receive care, have tests performed, or even undergo some surgeries. “Patients should research test availability, price, and the impact on their insurance benefits before choosing a place of service,” suggests Hesse.
For example, he explains, “Going to the Emergency Department at a hospital incurs a higher cost than going to an urgent care facility. Going to Urgent Care for sore throats, sprained wrists, and other less acute problems not only costs less, but it also frees up the ED for truly acute traumas such as accident injuries, heart attacks, and similar medical issues.”
Patients have options for a variety of services these days. Diagnostic tests such as MRI, CT scan, mammogram, and colonoscopy plus additional services like physical therapy can be done at a variety of locations. It’s up to the patient to do some research to find out the costs and benefits of choosing one over another — much like a retail purchase.
Now that the patient/consumer has more responsibility regarding spending their own healthcare dollars wisely, the burden of asking questions to get pertinent information has fallen largely on their own shoulders. While patients are accustomed to talking with their primary care physician about a variety of physical issues in detail, bringing up the cost issue is not always as easy. The exam room may be an awkward place to talk about insurance and ability to pay, but asking your primary care doctor is the best place to start when finding out about the need for certain tests, as well as less expensive options.
Generic prescriptions are one good example of how this can work to the patient’s benefit. When the costs of pharmaceuticals began to rise many years ago, patients and doctors both became relatively at ease bringing up the subject of lower cost meds. “Is there a generic?” is now a common question.
The conversation simply needs to expand to include other medical treatment and testing so that patients can make informed decisions that best fits their medical and financial needs.
Although your health can’t be considered in exactly the same light as the purchase of a vehicle or other big-ticket item, you can use several of the same strategies — doing some research, asking others about their experience, knowing what your needs and wants are — to utilize your healthcare dollars to the greatest advantage. In many ways, you’ll be in the driver’s seat
Next month: Questions to ask to get the most “bang for your buck” in healthcare.