Price transparency: the secret weapon for alternative health plans

February 10, 2022
Josie Livengood

Download The Limited Benefit Plans’ Guide to Competing On More Than Price

Download Now

Download The Complete Guide to Implementing Price Transparency

Download Now

Download Your Roadmap to Creating Engaged Healthcare Consumers

Download Now

Download Your Guide to 2022's Healthcare Policy Changes

Download Now

Download How to Leverage Ambulatory Surgical Centers for Lower Costs and Higher Satisfaction

Download Now

Is Your Health Plan a Tech Whiz or a Dinosaur?

Take the quiz to find out!

Download the Patient Advocacy 2.0 White Paper

Download Now

Download the Complete Guide to Retaining Health Plan Members.

Download Now

Download the Complete Guide to Growing Your Health Plan Membership

Download Now

Download the Complete Guide to Lowering Member Costs

Download Now

Download Healthcare Consumerism 101: A Playbook for Health Plans

Download Now

Download Your Guide to the Transparency in Coverage Rule

Download Now

Download Your Guide to Unique Benefit Offerings that Don't Break the Bank

Download Now

Download the Complete Sedera Case Study

Download Now

We’re big advocates for healthcare price transparency here at PointHealthTech. We believe it can help everyone, but there are some groups that price transparency is especially beneficial for. 

For example, alternative health plans such as:

  • Limited benefits medical plans (LBMPs)
  • Discount medical plans (DMPs)
  • And association health plans.

Keep reading to find out why price transparency is the secret weapon alternative health plans need.

Price transparency can lower healthcare costs.

Since alternative health plan members often have out-of-pocket costs, it’s beneficial for them to be able to shop for nonemergency care. Through price transparency, shopping and comparing healthcare services can become a reality for your members. This of course means that members will choose the most affordable option that meets their care needs, resulting in lower costs for them and you. A cost-effective way you can offer usable price transparency to members is to use a third-party patient advocacy app that shows members pricing in their area upfront.

Price transparency sets you apart from competitors.

You need to set yourself apart from competitors, but how do you do that without spending a fortune? Price transparency! Few alternative health plans offer a way for members to shop-and-compare healthcare services. So when you do, you’ll automatically stand out. Plus, offering a benefit that allows members to effectively use price transparency for healthcare shopping adds a personalized, digital capability to your offerings. And according to one study, health plans with digital capabilities outperform competitors in overall satisfaction by 5%. The same report also found that 57.5% of members, across all ages, believe it’s important for health plans to offer digital self-service features. This leads us to our next benefit of price transparency: better satisfaction and retention.

Price transparency can improve member satisfaction and retention.

News flash: people want to know the prices of healthcare and want to be able to shop for healthcare. A McKinsey study found that 41% of members reported that one of their top three needs from their payer is to make things easier to understand. Plus:

By enabling your members to access transparent prices you can meet the needs that almost 100% of Americans want. Imagine how much your member satisfaction, retention, and even growth would increase by providing this service.

Final thoughts.

Offering price transparency is a simple and cost-effective way to:

  • Lower your overall costs,
  • Stand out from competitors,
  • And improve your member satisfaction, retention, and growth.

Best of all, you don’t even need to build out your own price transparency service. You can partner with a third-party digital health company that easily integrates with your current offerings to bring price transparency to your alternative health plan.

TAKE THE SURVEY

Download Your Guide to 2022's Healthcare Policy Changes

Discover the major changes happening that affect you, how to prepare, and even how to make the new rules work in your favor.

Download The Limited Benefit Plans’ Guide to Competing On More Than Price

Discover how to stand out based on unique offerings and high member satisfaction, and how to implement these strategies.

Download The Complete Guide to Implementing Price Transparency

Discover how to bring price transparency into your benefit offerings to increase member satisfaction, lower overall costs, stand out from competitors, and improve member retention.

Download Your Roadmap to Creating Engaged Healthcare Consumers

Discover the roadmap unique to your health plan type and start seeing higher member satisfaction, lower overall costs, and healthier members.

Download How to Leverage Ambulatory Surgical Centers for Lower Costs and Higher Satisfaction

Discover how TPAs, health cost sharing groups, and limited benefit medical plans can benefit from the use of ASCs.

Download the Patient Advocacy 2.0 White Paper

Discover what health plan members had to say about the value of patient advocacy in our survey.

Download the Complete Guide to Retaining Health Plan Members.

Learn the best strategies and tips for retaining your members while keeping costs low.

Download the Complete Guide to Growing Your Health Plan Membership

Learn the best strategies and tips for growing your members while keeping costs low.

Download the Complete Guide to Lowering Member Costs

Discover what health plan members had to say about the value of patient advocacy in our survey.

Download Healthcare Consumerism 101: A Playbook for Health Plans

Learn the best strategies and tips for retaining your members while keeping costs low.

Download Your Guide to the Transparency in Coverage Rule

Discover how the the new rule will affect TPAs and health plans and how you can start your journey to compliance.

Download Your Guide to Unique Benefit Offerings that Don't Break the Bank

Discover how to add value to your health offerings that delight clients and members but don’t cost a fortune.

Download the Complete Sedera Case Study

Discover what health plan members had to say about the value of patient advocacy in our survey.

You might also enjoy.