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