Reference-based pricing (RBP) has potential to revolutionize the way Americans handle healthcare.
It’s a system that puts patients back in the driver’s seat. Patients will control the decisions made for care and for the pricing of those healthcare choices.
Reference-Based Pricing has a Bright Future
There are several things that RBP is set to do in the future including:
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- Increasing transparency in pricing costs. This could amount to tens, or even hundreds, of thousands of dollars
- Better ability to discern costs relative to value; customers would be able to make this purchase like any other major purchase
- Decreased cost of emergency services, due to more competitive pricing by healthcare facilities
Why Use Medicare as a Reference?
Medicare was signed into law in 1965 to provide a healthcare option for individuals who might not otherwise be able to afford healthcare. Medicare serves over 55 million people today. Medicare has price caps in place and enormous negotiating power with medical providers. This extraordinary pricing control should not be available to Medicare patients alone.
With RBP, presented by FairPrice, it can be available to everyone. Often, this strategy can save employers as much as 30% on the cost of healthcare.
The “reference” for reference-based pricing is based on the relevant factors in the area. It can be a reference to the monetary amount that prevails in a given area for a specific service. It can also reference other available healthcare pricing schedules. Medicare is a strong reference point that makes negotiation simple.
The End of Price Discrimination
Price discrimination exists whenever sales of identical goods or services occur at different prices by the same supplier. Everyone has the right to equal pricing; especially when dealing with your health. RBP has the potential to spell the end of price discrimination in medical care. This valuable solution could make a big difference for your employees and your business. Don’t drain your budget due to the rising cost of healthcare. Instead, consider RBP, presented by FairPrice, for your employees and watch the face of healthcare transform.
If you’re ready to make a decision right now, or if you’d like more information, schedule a 15-minute call with FairPrice.
FairPrice is the new, patient-first way forward. It utilizes Reference Based Pricing as part of its online insurance community. This community is built to provide coverage and transparent pricing. We give patients direct access to the doctors and hospitals that are known for quality care. Patients choose their provider based on what they’re willing to pay—full transparency. No hidden markups—just true prices.
