Patients Don't Shop Around, Even When They Can

The video discusses the challenges of price transparency in healthcare, highlighting the variability in prices for similar services and the lack of correlation with quality. Despite state laws and tools aimed at improving transparency, their effectiveness is limited due to low usage and consumer complexity. The video also explores how insurance impacts consumer choices and the potential for price transparency to reduce healthcare spending. It concludes that while transparency is part of the solution, it is not the sole answer to reducing costs.

What is one of the main reasons for the high variation in healthcare prices?

• High demand for services

• Insurance company policies

• Government regulations

• Lack of standardized pricing

What did the study published in the Journal of the American Medical Association find about the cost calculator website?

• It significantly reduced outpatient spending

• It increased healthcare costs

• It was widely used by employees

• It did not reduce outpatient spending

Why do many people not use price transparency tools?

• They are too expensive

• They are not available

• They are inaccurate

• They are too complex

What misconception might lead consumers to choose more expensive healthcare providers?

• Insurance covers all costs

• All providers offer the same quality

• Lower prices mean better quality

• Higher prices mean better quality

What percentage of healthcare spending is considered amenable to shopping?

• 80%

• 60%

• 40%

• 20%

How can the effectiveness of price transparency be improved according to the video?

• By reducing the number of healthcare providers

• By including quality information with prices

• By increasing insurance coverage

• By increasing the number of tools available

What approach helped reduce hip and knee replacement prices by 20%?

• Increasing insurance premiums

• Direct outreach to patients

• Setting a preset price limit

• Reducing the number of providers