Experian Health and St. Clair Hospital unveil patient estimate tool amid drive towards transparency
Patients will have the ability to find out in advance what their out-of-pocket costs are likely to be, companies say.
St. Clair Hospital in Pittsburgh and Experian Health, the healthcare-focused business branch of Experian, announced a new online cost transparency tool Monday called Patient Estimates that will make it easier for patients to get a clear picture of what their out-of-pocket financial obligations will be for services at the Hospital or it's outpatient centers. It is available through a portal on the hospital's website.
The tool, which was developed by Experian Health, works like an online calculator, delivering patient-specific estimates according to their insurance plan on deductibles, co-pays and co-insurance. The estimates also include hospital discounts for paying on the date of service and for those who are uninsured.
Patient Estimates is available 24/7 and can deliver cost information for the 100 most common procedures, treatments and/or diagnostic tests.
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The tool comes at a time when consumers are fueling the drive towards cost transparency. In fact, Pricewaterhouse Cooper's report, "Top Healthcare Industry Issues of 2016", ranked healthcare money management among the top 5 issues, with consumers being dubbed the new "managers". The report echoed a growing sentiment among consumers, that patients are frustrated with the lack of transparency and want greater control over their healthcare costs. "In 2016, consumers will begin to manage their own health spending in ways that will ripple across the industry," PwC said.
The report also showed its younger consumers who are the most interested in more direct engagement. More than half of 18 to 34 year-olds surveyed for the report said they would use a service that helped them plan for medical expenses.
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In Pennsylvania, transparency is not required by law. However, the Hospital & Healthsystem Association of Pennsylvania hopes that all member facilities will to educate patients, and offer information when requested to enable more informed decision-making when it come to their care. Their decision to do so is voluntary, not a requirment.
Twitter: @BethJSanborn
