Auditor: Hospital price transparency tools now available - Vermont Biz

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In addition, the federal government now requires every hospital to have a publicly accessible website showing how much you’ll pay for “shoppable” procedures. You can find all of Vermont’s hospital price transparency pages on my website. Please look at these sites so you’ll be ready to use the tools when you need them. It’s my hope that the state’s Green Mountain Care Board will create a user-friendly site so Vermonters can access all of the information they need, in simple terms, without the need to visit many (often confusing) websites.

I’d like to conclude by returning to the two examples I opened with and to briefly explain why these new price transparency tools are so important.

In the joint replacement example, it is likely that many Vermonters’ health insurance policies will cover most of the tab. However, if you own a self-insured small business the difference between the two hospitals is $10,000 of your money!

Same with a Health Reimbursement Account (HRA). Your employee may not have a direct financial interest in choosing the lower priced option, but you sure have an incentive to equip him or her with the price differences. Heck, you may even wish to offer a cash incentive to utilize the lower cost provider, putting cash in the employee’s pocket while keeping more cash in your business’s bank account.

If you do not have any health insurance, the importance of this price information is even more vital for high-cost procedures like joint replacements. It could be the difference between seeking care or not, and going bankrupt or not!

In the MRI example, many Vermonters would be directly impacted financially by the choice they make. Put simply, would you knowingly choose to pay an additional $1,500 out of your own pocket for the exact same service? Most Vermonters I know would scoff at that suggestion. With the new price tools, you have the power to avoid this equivalent of lighting your money on fire.

My office, your Legislature, and the federal government have all prioritized making hospital price information available to you so you can pay the best price for quality health services. These tools have value in direct relationship to the number of Vermonters who use them. So, do yourself a favor, do your family a favor, do your small business a favor - consult these tools, show some Yankee thrift, and keep more money in your pockets.

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Auditor: Hospital price transparency tools now available - Vermont Biz
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