How to Increase Transparency and Promote Value in Healthcare: Information Plus Incentives   [open pdf - 0B]

From the Abstract: "The cost of healthcare in the United States is a major concern, and the prices of goods and services are a key contributing factor to excessive healthcare spending. However, patients in the United States rarely know what services cost beforehand, preventing them from making informed decisions about the value of the care they receive. Although price transparency tools are widely available, barriers such as a lack of awareness and the current structure of health plan benefits limit their use and effectiveness. Price transparency could have a large impact on the healthcare marketplace and lead to greater competition, increased value, and more efficient allocation of resources, but only if designing a robust incentive structure for consumers is a primary concern. In addition to reforming the current insurance-based system, policymakers should pursue 'forward-looking' policies that disrupt the status quo by allowing consumers greater ownership of their healthcare resources and facilitating more direct transactions between consumer and provider."

2020 John S. O'Shea and the Mercatus Center at George Mason University
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