It’s one of the most common tests in medicine, and it is performed millions of times a year around the country. Should a metabolic blood panel test cost $11 or $952?
Both of these are real, negotiated prices, paid by health insurance companies to laboratories in Jackson, Miss., and El Paso in 2016. New data, analyzing the health insurance claims of 34 million Americans covered by large commercial insurance companies, shows that enormous swings in price for identical services are common in health care. In just one market — Tampa, Fla. — the most expensive blood test costs 40 times as much as the least expensive one.
If you’re a patient seeking a metabolic blood panel, good luck finding out what it will cost. Although hospitals are now required to publish a list of the prices they would like patients to pay for their services, the amounts that medical providers actually agree to accept from insurance companies tend to remain closely held secrets. Some insurance companies provide consumers with tools to help steer them away from the $450 test, but in many cases you won’t know the price your insurance company agreed to until you get the bill.
The answer of course is that the real prices are secret so that you cannot shop around and therefore cannot use the free market to lower your costs.
Trump, unlike all previous presidents, at least required providers to publish uninsured price lists. But it's still not enough. The amount the provider will accept from insurance should also be published.
And in the case of emergencies, well, you're doubly fucked, because there is absolutely no time to shop.
Girl’s $143,000 bill for snakebite treatment reveals antivenin price gouging The average list price for the antivenin is $3,198. The hospital charged $16,989.
Secret pricing is the biggest problem with US medical care, by far.
My guess is, it's the insurance company that doesn't want you to know. I was billed $8 last week for my son's trip to the ER. What I know, from doing medical billing, is that the ER would accept $400 for full payment. Insurance companies want you to think you are liable for a 5 figure bill any moment to scare you into buying coverage.
Generally speaking, most individuals just never bother even paying those bills if they are uninsured. They get sent to collection and settle out of court for 10 cents on the dollar. The collection agency keeps half. So basically, 5% of the bill should be your starting point for negotiating a full payment in cas.
The answer of course is that the real prices are secret so that you cannot shop around and therefore cannot use the free market to lower your costs.
Trump, unlike all previous presidents, at least required providers to publish uninsured price lists. But it's still not enough. The amount the provider will accept from insurance should also be published.
And in the case of emergencies, well, you're doubly fucked, because there is absolutely no time to shop.
Secret pricing is the biggest problem with US medical care, by far.
MAKE ALL THE PRICES PUBLIC
https://arstechnica.com/science/2019/04/try-not-to-get-bitten-by-a-snake-it-could-cost-you-143000/