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"Our mission is to promote cost transparency in healthcare and to give our members access to cost effective providers."
CARMEL, IN, May 04, 2014 /24-7PressRelease/ -- Healthcare Out Of Pocket (HOOP) announces the launch of its new website. Patients with either high deductibles, or without any insurance cover, who have to face out-of-pocket expenses for healthcare, can now access real data on provider costs for the first time.
"A few days ago, Center for Medicare and Medicaid Services published identified individual provider fees, that were submitted to Medicare in 2012," says spokesperson Erika Green. "In an important step towards cost transparency, the data shows what each provider has charged and what Medicare has paid."
HOOP is also able to provide its members with various out-of-pocket estimates to help them navigate different payment scenarios and compare provider charges for a particular service to the average charge in the area. Patients with high deductibles who become HOOP members will have a means to view and compare costs of the services they need. Having this information can assist them in determining whether or not to cover the medical bill out of pocket without filing an insurance claim. The new website is a game changer as it gives members access to real data, enabling them to compare costs before choosing a provider for their healthcare needs.
The estimated numbers are arrived at through assumptions on common insurance reimbursement and negotiated rates. They serve to estimate insurance rates and compare these to cash rates and/or any cash discounts offered; the patient can therefore decide whether they should take the savings and pay at the time of service or submit an insurance claim and cover the negotiated rate if their high deductible has not yet been met.
"Our mission is to promote cost transparency in healthcare and to give our members access to cost effective providers," says Green.
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