New Studies Confirm Change:Healthcare's Focus On Transparency as a Way to Reduce Healthcare Costs

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With healthcare spending expected to increase dramatically over the next decade, two recent studies by the Society of Actuaries confirm what healthcare technology company change:healthcare has been saying all along. Transparency would be a boon to helping patients and consumers make better healthcare purchase decisions and lower healthcare costs in general.

We've found that when you give people transparent information about their healthcare and the value-driven choices that are out there, invariably they make far more insightful decisions about their care, its cost and its quality.

With healthcare spending expected to increase dramatically over the next decade, two recent studies by the Society of Actuaries confirm what healthcare technology company change:healthcare has been saying all along. Transparency would be a boon to helping patients and consumers make better healthcare purchase decisions and lower healthcare costs in general.

"We've been calling for greater transparency in healthcare costs ever since we launched," said change:healthcare founder and CEO Christopher Parks. "This research simply underscores our point that consumers are begging for greater, better and more actionable healthcare cost information that will help them pay less for their and their family's care. That can lower what is spent on healthcare across the nation. The changes made recently by Congress to the American healthcare system will only make this need more critical."

Other recent news stories in media outlets including The New York Times, the Charlotte Observer and Kaiser Health News echo the need for cost transparency in the country's healthcare system.

The Society of Actuaries studies of both actuaries and consumers affirm that more transparency in the healthcare system is critical to lowering costs. For instance, 86 percent of surveyed healthcare actuaries recommend making prices for treatments more visible and available for patients while two-thirds of consumers felt they could better control their own healthcare costs if healthcare providers, or their insurance company, told them about costs.

Based in Brentwood, Tennessee, change:healthcare guides employers, employees and third party administrators in making more informed healthcare consumer purchase decisions that save money, without plan design changes or cost shifting. Specifically, the firm helps employers and their workers choose the most affordable providers for medical services by analyzing a company's medical claims and continually sending cost-savings alerts to employees when savings opportunities are found.
Their primary tool is a system of Ways to Save AlertsTM that proactively notifies users when there's a cost savings opportunity and tracks and reports savings. It recently helped employees at one client company realize an immediate savings, on average, of $112 per person.

"We've found that when you give people transparent information about their healthcare and the value-driven choices that are out there, invariably they make far more insightful decisions about their care, its cost and its quality." Parks said. "I have no doubt that with greater transparency placing more information and control into consumer hands, Americans could realize millions in healthcare cost savings. It's nice to see the Society of Actuaries agrees with us."

About change:healthcare
change:healthcare, inc. (http://www.changehealthcare.com) is a technology company offering over 750 highly personalized ways to save on prescriptions and medical services. The company's real dollar ROI-tracking solution is available through third party administrators, self-insured employers and health plans interested in helping employees and members better manage their out-of-pocket healthcare expenses.

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Frank Limpus
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