Surprisingly, most Americans don’t think so.
A recent study found that most of the population doesn’t believe that the price of healthcare services relates to the quality of the healthcare they receive.
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More people believe specifically, that high price and high quality were not related in regards to healthcare. There were however, more people inclined to believe that lower prices are linked to lower quality care.
So should your practice provide price information to patients?
Not necessarily, unless you emphasize why your practice is different and has better quality of care.
The study found that patients like to understand the difference in cost and have an explanation of the quality.
Patients will not choose the higher-priced providers with the assumption that care is better, however they may avoid the lowest priced providers on the belief that the quality of care is low.
Of course, their decisions also factor in outside conditions such as insurance coverage and referrals.
Only a minority of patients believe that there is a correlation between cost and quality, while 58 – 71% of respondents don’t think price and care are linked.
Does your practice advertise costs and quality? Let us know by commenting below!
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P.S. If you or your patients are interested in consumer healthcare issues, check out myhealthspin.com.