Price Transparency: Where is it? (Part 4 of 5)

Where does your hospital provide price information? Search for “price” on your local hospital’s website, and let’s see where it takes you.

Be prepared to be disappointed. Most searches will yield “No Results.” You might also be surprised to learn how many doctors have the name “Dr. Price” or how much a hospital’s partner charges for facials, massages or similar services. Interesting, but not what you wanted.

You might also find the following:

• Hospital charges, which must be public (if not on the website, in the financial assistance office). For example, a hospital’s charge for a knee replacement might be $30,000.
• Average prices, which consider contracted rates between a hospital and its health plans. For example, a hospital may be paid an average of $22,000 for a knee replacement.
• Out-of-pocket costs, which are estimated with a calculator. For example, you may learn that you are responsible to pay $4,000—given your plan’s deductible and coinsurance—for a knee replacement.

So what is the health care consumer to do? Check back for the last of this five-part series to learn more.