The medical sector as it stands today suffers from its own chronic ailment: a profound lack of transparency in healthcare between patients, providers, and the institutions they engage with, regarding matters such as costs and billing, information sharing, patient outcomes, and treatment plans.
For years, this fundamental difficulty and disorientation have ironically hindered the same individuals the healthcare industry is designed to help. Health In Tech has mobilized the best in insurtech and strategy to foster an ethos of transparency with vast transformational potential to reinvigorate a greater trust in this system.
The Underlying Issues in an Confusing Healthcare System
Understanding modern healthcare’s lack of transparency is crucial in forging a path forward toward the formation of a more equitable and accessible system that is better able to support the well-being of individuals and communities nationwide. The following areas of concern pertain to medical practices and outcomes, costs and billing procedures, and the quality of the care itself are all implicated in the pressing lack of transparency in healthcare.
Inconsistent Healthcare Pricing
Inconsistent pricing is one of the main culprits of the lack of transparency in healthcare today. The cost of a specific procedure or medical service will often vary dramatically between providers, locations, and insurance companies, with little clarity on the reasons behind the disparity.
The lack of consistent pricing and upfront cost estimates disempowers patients who cannot make informed decisions and/or properly budget their medical expenses, with surprise fees and costs creating a significant burden for hundreds of thousands of individuals and their families.
Moreover, even once a service has been rendered, hospital bills can be equally challenging to decipher, with complex coding systems and additional, seemingly arbitrary charges. Without access to clear pricing information, patients may struggle to pay off unexpected bills—the fear of which may even prevent them from seeking proper care in the first place. Sometimes, patients who aren’t clear on their initial coverage may be severely overbilled for a provider’s services—up to 900% more than Medicare charges for an equivalent procedure.
Fragmented and Dispersed Data
Unfortunately, healthcare data is often dispersed across various autonomous entities, including hospitals, clinics, insurers, and government agencies. Even physicians within the same institution have trouble conferring with one another. This fragmentation leads to information silos, hindering the patient and provider’s ability to gather comprehensive, standardized data.
A lack of consistent metrics and reporting systems further complicates patients’ ability to synthesize and evaluate information from disparate institutions. It also impacts their capacity to discern the differences between treatment options, risks, and potential outcomes, leading to uninformed decisions and missed opportunities.
Inaccessible Medical Records and Information
While privacy and confidentiality are essential cornerstones when protecting a patient’s data, ironically, they often become barriers to the patients themselves. When trying to obtain their records which contain crucial information about diagnoses, treatment plans, and medications, they are often met with seemingly endless red tape. This leads to further miscommunications between unaffiliated healthcare providers, who often fear legal repercussions when sharing certain data with one another.
How Health In Tech is Addressing the Lack of Transparency in Healthcare
While understanding that the system is flawed, it is crucial to understand these transparency problems as potential areas of improvement instead of issues intrinsic to the system itself. At Health In Tech, we believe there is ample room for optimization and disruption in the healthcare sector to allow for greater transparency, bringing many profound benefits and results.
The Benefits of Healthcare Transparency
By using our collaborative technologies, Health In Tech is working to envision a future led by price transparency initiatives, improved data reporting, and collection, streamlined information sharing, and simplified billing and reimbursement platforms. By empowering patients to take their medical journeys into their own hands through education, advocacy, and 24/7 medical record access, we hope to use our core values to reinvigorate an infallible trust between individuals and the institutions that uphold their well-being.
By bringing together multiple stakeholders—employers, insurers, TPAs, members, and brokers—Health In Tech is dedicated to aligning the incentives in the healthcare industry as a whole. From the initial underwriting stage with our state-of-the-art eDIYBS software to implementing a member’s plan and benefits on the ground, Health in Tech seeks cradle-to-grave solutions geared toward longevity and transparency.
Health In Tech’s HI Performance Network
Our HI Performance Network (or HPN) is a curated series of hospital facilities and providers that deliver Medicare-based reimbursement pricing. All the Health In Tech’s HPN providers provide well-reviewed, patient-centered care that is incredibly quality and cost-efficient. Each doctor, specialist, and hospital is carefully selected for their use of evidence-based medicine and metrics concerning improved patient outcomes.
HPNs aim to maximize the overall quality of care and the long-term returns on any healthcare investment. Unlike certain PPOs, a HI Performance Network offers more transparency, with data-sharing between in-network providers and clarity regarding price consistency, offering members more opportunities to plan, save and engage.
Empowering HI Card Technology
Our HI Card Proprietary Technology champions transparency at every level. HI Card provides all pertinent parties with unlimited, 24/7 access to essential data, such as case management and medical records, drug histories, coverage eligibility, deductibles, and plan benefit details.
Using this standardized platform means that every party in the healthcare transaction has secure, transparent access to the same data, eliminating redundancies, information silos, and miscommunications between providers, payers, patients, and TPAs. This technology has the potential to radically restructure and reduce the time it takes to process claims and increase turnaround times.
With HI Card Technology, patients experience true transparency regarding plan and eligibility information; they can view their deductible accumulators before their visit, with reference-based pricing models (RBPs) eliminating billing issues before they begin. Once their visit concludes, patients can access their records updated by a provider in real-time, while the provider shares data directly with that patient’s insurance carrier or payer.
This empowering financial and medical data transparency creates an easily intelligible technologic landscape that enables patients to thrive, understand and use their benefits to the best of their ability while endowing providers and institutions with administrative power unhindered by unnecessary complications and delays.
Health In Tech’s Core Commitment to 100% Transparency
The lack of transparency in healthcare is an issue that can no longer be ignored or accepted as the status quo. At Health In Tech, we strive to reinvigorate the industry’s latent potential by fostering productive disruption and wielding the transformative technology at our disposal.
Through our foundational belief in fostering total transparency at every organizational tier, Health In Tech has powered effective health solutions for over 30 years, completely reimagining the latticework connecting individuals to information. If you’re interested in learning more about our commitment to putting the power back into our clients’ hands, don’t hesitate to get in touch today.