Ryan Day, President of HST, a MultiPlan Company, sat down with Jeff Lin of the Payment Matters podcast to discuss innovations in tackling rising healthcare costs, especially as it relates to employee healthcare benefits. In the interview, Day outlines 66% of household bankruptcies are attributed to medical expenses and the cost of healthcare prevents people from getting care or filling prescriptions, however reference-based pricing can help by providing value, price transparency, and quality in healthcare benefits. Both employers and employees face the impact of rising healthcare costs.
With inflationary concerns top of mind during open enrollment, many members are starting to ask questions regarding higher health insurance costs as they look at all their overall expenses. Day discusses the benefits of adding in reference-based pricing (RBP) as part of a benefit package, which can offer lower deductibles. This can also incentivize them, especially those with lower wages, to seek coverage.
With a reference-based pricing plan, members have transparency to a provider’s quality and cost metrics before a procedure. It provides a way to control costs, provide a better member experience and at the end of the day, gives employees something to put back (cost savings) into their businesses.
About Ryan Day
Ryan is a subject matter expert regarding pricing transparency in healthcare. He holds a Master of Science in Banking and Financial Services Management from Boston University as well as a Bachelor’s in Finance from California State University, Fullerton.