Healthcare Price Transparency

Anytime we are buying a product or a service, we scout out the best price. Take buying a car, for example. You likely visit five different dealerships, compare countless cars, and consult all of your family, friends, and neighbors before bargaining the best price. However, in regard to healthcare, price shopping seems to be the one area that is often overlooked—at least until now.

The Kaiser Family Foundation estimates that premiums have increased by 69% in the past 10 years. In fact, in the past 12 months, senior citizens have collectively withdrew $22 billion out of their savings to cover healthcare costs, according to Gallup. This leaves consumers with no choice but to shop the market. Consider the following when shopping for the best value for your dollar:

1. Higher cost does not mean higher quality. The United States spends more on healthcare than any other nation. However, we do not have the best healthcare outcomes. In a study published in The Journal of the American Medical Association comparing the healthcare outcomes of 11 countries, the US ranked last in life expectancy. According to the Institute of Medicine, up to 30% of healthcare spending is unnecessary.
2. Start with your health insurance company. If you are insured, many times, your insurance company may have a list of services and their prices at each facility in the area. Start by asking your health insurance company for prices and go from there.
3. Hospital pricing. As of January 2019, hospitals are required to post their prices online to allow consumers to shop the market. Dozens of studies show how pricing can differ by thousands of dollars for the same service at hospitals that are merely miles apart. If you are in need of a service that requires the hospital, be sure to scout the best price online.
4. Don’t be afraid to ask. Many healthcare facilities have a cost estimator tool or a price sheet readily available. Ask for an estimate of your service before scheduling an appointment.

How First Coast Cardiovascular Institute (FCCI) Supports Value

1. At FCCI, we have a cost estimator tool. When a patient calls to schedule an appointment at FCCI, they are often given the cost of the service they will have. This creates trust and transparency with the patient and ensures there will not be any surprise bills.
2. We strive to offer patient services in the most cost-effective environment possible. As an outpatient center, we do not have the robust cost of running a hospital. With that, we are able to offer patients a lower cost, compared to hospital systems.
3. Despite caring for a high acute patient base, we utilize testing and other services responsibly. Generally, we are at or below the 50th percentile in our utilization of certain tests, demonstrating a commitment to responsible usage.

Call 904.493.3333 to schedule an appointment with an FCCI provider.