Employee benefits costs are the second largest expenditure employers face and over 90% of U.S. employees receive benefits from their employer. As employers face inflationary concerns across the board, many are looking for ways to lower healthcare costs, without lowering standards of care. Ryan Day, President of HST, a MultiPlan Company, explains options that benefit employers and employees, including reference-based pricing (RBP) as part of an overall package.
Nearly half of Americans with health insurance are worried about their deductible, and those with private insurance are hit with rising costs as well. With open enrollment season pushing benefits and costs to the forefront, options that will lower costs without sacrificing healthcare quality or access are important. In Healthcare Finance’s Should reference-based pricing be part of your healthcare benefits this year?, Day discusses how RBP is good business.
Reference-based pricing as part of a benefits plan can make healthcare more affordable for employers and their members. It also contributes to lower deductibles and contributions on the part of members. With RBP, members pay a pre-determined price for a service, which is different from a traditional arrangement where a price is negotiated with a provider after the service.
About Ryan Day
Ryan Day, President of HST, a MultiPlan Company, oversees operations and product development, bringing to HST an extensive background in finance, developing innovative technology solutions, and strategy. He started his career with a boutique Wall Street firm specializing in investments and employee benefits for nonprofits and hospital systems.
About Healthcare Finance
Healthcare Finance is a publication of HIMSS Media and a leading news source for developments in the healthcare finance industry and covers issues that affect payers and providers alike, including insights into capital investments, reimbursements, quality and safety, physician relations, billing collections and data integrity.