Mindful of the growing popularity in name-your-own-price tools, benefit industry leaders and innovators are applying this approach to shopping for costly hospital services. They’re also wresting control of an opaque system and slashing prices at a time when self-funded health plans increasingly demand transparency. The movement is sure to catch the eye of brokers and advisers looking to help clients keep costs in check.
Although it’s been around for years, reference-based pricing has evolved from a pharmaceutical cost-control mechanism initially used overseas. It now can save self-insured employers 25% or more on their overall hospital spending, one expert suggests.
Register or login for access to this item and much more
All Employee Benefit Adviser content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access