Employers pay 240% more than Medicare for hospital care, a new study finds
“Reducing hospital prices to Medicare rates over the 2015–2017 period would have reduced health care spending by approximately $7.7 billion for the employers included in this study,” RAND researchers wrote. “In 2017, reducing prices from the 75th to the 25th percentile price could reduce spending for those employers by $1.4 billion per year, which is approximately 40 percent of 2017 hospital spending.
Employers could request price information from the insurers they hire but generally don’t. If they did, hospital pricing information would tell them how much they are paying at each hospital and they could “use this information to improve their benefit designs and get lower prices,” Whaley said in an interview.
Two states – New Hampshire and Colorado – are among few in the country that provide access to so-called “all payer” claims data bases so RAND was able to use in this study. Such information includes government and private insurer and employer medical claims information and related data that can be used to improve price transparency.
“This analysis came about as a result of employers working together to understand what is driving up their health care costs,”, president and CEO of the Employers’ Forum of Indiana said in a statement accompanying the report."Employers will be using this price information going forward to hold their health plans and hospital partners accountable.”
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