Connect consumer choice with healthcare choice to improve affordability | So Good News

Achieving cost transparency in healthcare is more important than ever, and cost is cited as a key factor in adherence and access to care. In fact, a recent study found that 46% of people skip or delay care because of cost. The consequences of these decisions can have a serious impact not only on the health of patients, but also on the use of health care, especially for those who manage problems.

Although healthcare in the US is supposed to provide quality care to patients, the systems and processes used to pay for and deliver that care have created a very difficult environment where patients and their caregivers are left in the dark about the full extent of the situation. money. What’s next? A frustrating and alarming pattern of health outcomes – which includes providers encouraging patients who can’t afford it, and patients choosing to skip or delay care because they have other needs to meet.

Price transparency today

Interestingly, recent policies have put measures in place for transparency. Cost transparency rules from the Centers for Medicare and Medicaid Services (CMS) that went into effect earlier this year mandate that insurers post cost information for covered products and services. Hospitals were obliged to do the same from 2021. The regulations are focused on creating a system where patients are clearly visible on the cost of care, at the same time driving the prices and helping patients “buy” to find the best options.

However, barriers remain in achieving universal transparency, affordability and accessibility. Information overload is one of the biggest challenges companies have to deal with. It is impossible to expect someone to research, understand and act on the amount of information that insurers and hospitals are sharing. Furthermore, information is often not presented in a usable format or environment where providers and patients can make effective — and personalized — decisions. This chaotic, confusing system creates the frustration and burden that patients and providers often face when making care decisions.

From information sharing to shared decision making

Price transparency will be important to patients as it leads to cost-effective decisions, and achieving this requires changing the way our system responds to price transparency demands. It’s not enough to just create more; Organizations need to ensure that information is available and usable as a matter of priority – at a time when providers and patients are making decisions about their care. Dealing with the amount of costs and data we are talking about, this cannot be done without the use of technology.

The good news is that conditions are apt to change forever, and as a business, healthcare should take advantage. Three major factors are at play that have created this opportunity:

1. Out-of-pocket expenses continue to rise, leading to consumer demand for more — especially premium ones.
2. Consumer expectations for digital experiences continue to increase.
3. There are regulatory laws in place, most notably the 21st Century Cures Act, which enforces laws against withholding information.

It’s time for data to happen with technology. With real-time connectivity, information can be delivered within seconds from various payment systems to the delivery system and patients’ mobile devices. And with digital tools becoming more widely accepted, we’re poised to move to the next level of patient-centered healthcare.

How do we move forward as an industry?

Healthcare stakeholders have been working in silos for years, pushing for cheaper solutions for the patient. Now is the time to create a better way – one that includes collaboration to help providers and patients get accurate, real-time financial information. When this happens, our system will be truly patient, highlighting that patients have care options and choices.

Arrive Health is focused on this task, bringing together a global network of EHRs, providers, health plans and pharmacy benefit managers that provide accurate, real-time information when and where it matters. It’s the real issues — like empowering a provider to identify a $0 option for a parent who can’t afford their child’s first prescription drug — that inspire us to work on behalf of patients.

Companies can make the most of these moments by working together. We hope you will join us in our mission to simplify healthcare, driving access to the most affordable healthcare for every patient across the country. Find out how we’re planning for better health at ArriveHealth.com.