As healthcare costs continue to rise, consumers are expected to take greater share of their healthcare premium. This is particularly important to high deductable plans, which many employers are moving towards to reduce premiums. The result is more out of pocket costs to consumers. Healthcare purchasers, including large employers and health plans, are seeking to implement strategies that can help to bring costs under control. In their efforts to manage costs, they recognize the need to provide consumers with information on procedure cost based on plan benefits. While the information on quality has become more transparent in recent years, much work needs to be done to provide price transparency, and connect price and quality data to help consumers asses their treatment options.
This KPMG Global Healthcare Center of Excellence Issue Brief summarizes the current state of cost transparency efforts and considerations that health plans need to make in providing cost transparency tools to the consumer.