Healthcare Competition and Partnership in the Marketplace

Consumers are perturbed by the steep costs of healthcare. It does not help that employers are transferring the burden to employees. A majority of individuals do not have an extra $1,000 saved for sudden medical expenses. When the time comes, money has to be spent from one's own pocket. No wonder consumers today search for ways to get premium quality care with minimum care. Such hard decisions are made easier by two companies- Alegeus and ZendyHealth- both of which started independently of each other to formulate a solution. They have designed a toolkit specifically for this purpose. The companies have also combined resources to help the consumers locate the right care at the correct price.

Paying the correct price

ZendyHealth permits consumers to state how much they are willing to pay for the service they need. The consumer is then matched with a provider who can offer the person that specific service at that particular price. All providers are strictly vetted to make sure that only quality services are rendered. The other company, Alegeus, offers consumers control over the way their healthcare dollars get spent by integrating the medical finances into one platform. This includes any incentives, Health Savings Accounts (HSA), and Flexible Spending Accounts (FSA). Other relevant financial capabilities also get included.

Healthcare professionals have pointed out that an MRI may involve thousands of dollars as expenses inside a hospital system. The same test, however, could be done by spending a few hundred dollars by moving out of the system. As per ZendyHealth, the quality of treatment done at such outpatient centers is comparable to a hospital one. It is apparent that the quality has no correlation with the price. This is the reason a number of patients have now started to take control of their personal healthcare spends. Consumers are now active enough to accept responsibility and accountability. They now use a number of tools to comprehend their health care spending requirements.

Transparent healthcare world

This marks a change from the past when patients were deprived of tools to extract pricing data and consequent transparency. All these resulted in poor quality buying decisions. They can now shop around so as to get the best price. There is now competition in the healthcare provider space. This competition pushes down healthcare costs. Insurance reimbursements have come down and healthcare providers now recognize the requirement of increased efficiency from their side. It is apparent that the marketplace is evolving for the better.

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