What is Bundled Pricing?
Many employers are frustrated with a lack of financial and quality transparency in the healthcare marketplace. As such, many employers have considered offering a bundled pricing solution to their employees. Bundled pricing is a unique solution that provides employees the opportunity to shop for a procedure with an all-in price upfront.
How Does Bundled Pricing Work?
A bundled pricing vendor will negotiate directly with providers for non-emergent healthcare services. In other words, an employee can go on and choose when and where they’d like to have the procedure at an all-in cost. These prices are often a fraction of the typical cost of those services and there’s no surprise when an invoice comes in the mail. Bundled pricing provides employers and employees alike the opportunity to have a transparent healthcare environment.
Some pitfalls to consider are the fact that bundled pricing is relatively new to the marketplace, so there could be some employee confusion and education will be needed. Employers that are looking for a transparent solution that can save the organization and their employees a large amount of money should consider bundled pricing.
Innovative has worked with various bundled pricing providers and will be happy to evaluate if this strategy is the right one for your organization. Please feel free to contact us at info@ibpllc.com if you have any questions.
