In this episode, Bill Krause, VP and GM, Experience and Consumer Engagement at Change Healthcare discusses how the CMS’s price transparency rule will affect consumer’s shoppable behavior, the providers, the traditional payers, and the new emerging payers – the employers.
A better functioning healthcare marketplace requires transparency in access to information provided to consumers during their healthcare decision-making time. With COVID accelerating digital health, organizations supporting digital transformation can now drive the digital first approach and provide a seamless digital experience to consumers. Consumers’ journey to care begins with the awareness of their need, understanding the options of where they should go, and knowing their financial responsibility. This is the core of any digital transformation agenda. Access to information regarding price will drive consumer shoppable behavior beyond just going to a provider’s digital front door.
Bill states that, because of the new emerging payer in the marketplace, i.e., the employers, roughly 30 percent of total healthcare spend for providers fall into shoppable tests and procedures. He further projects that this is poised to grow in the future. Take a listen.