| The medical industry, unlike virtually every other | | | | charged for a room and what that charge |
| business, loves to keep their prices secret. They | | | | includes. If it doesn't include something you might |
| do this, very simply, so they can make more | | | | need, such as tissues, bring your own. |
| money. Only by shopping your medical care, | | | | Ask your doctor to estimate your cost of |
| demanding price transparency, negotiating for the | | | | treatment. |
| best price, and carefully reviewing your bill can | | | | Bring your own prescription medications to avoid |
| you be assured that you are getting a fair price, | | | | paying top price for medications purchased from |
| and not being ripped off. | | | | the hospital. |
| A dramatic example is the price hospitals charge | | | | If possible, keep your own lists of tests, |
| of open heart surgery. The Valley Hospital Medical | | | | medications, and treatments. Hospitals have been |
| Center in Las Vegas, Nevada charges $233,259 | | | | known to charge men for pregnancy tests and |
| for open heart surgery involving a heart valve | | | | adults for newborn tests. |
| replacement. The Mayo Clinic, recognized as one | | | | Never pay the bill before leaving the hospital. You |
| of the top heart care centers in the world, | | | | may be told this is required, but it is not. Before |
| charges $79,601 for the same procedure. As | | | | paying your bill read it carefully, and compare it to |
| another example, The Miami Herald recently | | | | the estimated costs you were given before being |
| published an article about hospital pricing in Florida. | | | | admitted. |
| A woman going to Palmetto General Hospital in | | | | Demand an itemized bill, and ask for a detailed |
| Hialeah for physical therapy following a car | | | | explanation for any items you don't understand. |
| accident had tried to find out what the treatment | | | | Don't accept generic answers like "lab fees" or |
| would cost her, but to little avail. After eleven | | | | "miscellaneous fees". |
| sessions she started receiving the bills - $1,560 | | | | Health Savings Accounts Promote Price |
| per visit. She was able to find the same service | | | | Transparency |
| at Memorial Regional hospital in Hollywood, FL for | | | | Health Savings Accounts (HSAs) are plans that |
| only $50 per visit. | | | | have a high deductible, and a savings account in |
| Hospital Overcharges | | | | which tax-deductible contributions can be placed. |
| Anyone who has ever tried to decipher a hospital | | | | The money in the account can be used to pay |
| bill knows that they can be next to impossible to | | | | deductibles and other charges not covered by |
| understand. This conveniently makes it easy for | | | | health insurance. |
| hospitals to hide improper charges by using | | | | The great promise of health savings accounts is |
| mysterious medical technology and codes. | | | | that they will re-inject market competition into the |
| Whether through deliberate overcharges or | | | | healthcare market. As all of us who were |
| honest errors, experts estimate that hospitals | | | | fortunate enough to take Economics 101 |
| overcharge patients by $10 billion a year, or an | | | | understand, the balance of supply and demand |
| average of $1,300 per hospital stay. | | | | provides the public with the greatest value at the |
| Hospitals have been known to charge $129 for a | | | | lowest possible cost. If company B can produce |
| "mucus recovery system" that was really a $2 | | | | and distribute the same quality widgets as |
| box of tissues, $57.50 for a "free" teddy bear, | | | | company A, but at a lower cost, then the |
| and even $1,004 for a toothbrush. Most people | | | | average price of widgets will fall, more people will |
| never see an itemized statement, and so have no | | | | be able to afford more widgets, and the average |
| idea what they're being charged for. | | | | quality of a widget will increase, as businesses |
| Nora Johnson, a medical billing advocate, was | | | | compete for customers. This is a wonderful |
| quoted in a recent article saying that over 90% | | | | system, and is part of what has made the United |
| of the hospitals bills that she has audited have had | | | | States the wealthiest country in the world. |
| gross overcharges. | | | | Unfortunately, this system has not been in play |
| Hospitals often go to extraordinary lengths to | | | | when it comes to healthcare, because the |
| discourage you from delving too much into your | | | | consumer has not typically been paying the bill. As |
| bill. Nevertheless, there are some specific things | | | | a result, the consumer doesn't care what the |
| you can do to make sure you're not getting | | | | service costs, and most doctors, hospitals, and |
| taken for a ride. | | | | pharmacies are very reluctant to reveal their |
| If possible, call the hospital's billing department | | | | (high) prices. |
| ahead of time and ask them what you will be | | | | |