Patients experienced annual increases of up to 12% in their out-of-pocket responsibilities for inpatient, outpatient and emergency department care in 2018, according to a TransUnion Healthcare analysis.
“For several years patients have faced a greater cost burden as healthcare expenses shifted from payers to patients,” says Dave Wojczynski, president of TransUnion Healthcare. “As a result, patients are now making decisions about where they receive care based on costs – not just the quality of care they may receive. This means price transparency is critical for healthcare providers who are not only competing for patients but also want to secure timely payments from them.”
The analysis also found that about 59% of patients in 2018 had an average out-of-pocket expense between $501 and $1,000 during a healthcare visit. This was a dramatic increase from 39% in 2017. Conversely, the number of patients who had an average out-of-pocket expense of $500 or below decreased from 49% in 2017 to 36% in 2018.