As health and wellbeing technology continues to evolve, new solutions emerge that contribute to changing the shape of the benefits industry, including those addressing cost and quality transparency. While pricing transparency tools have been available for a number of years, recent developments across the workplace benefits environment are prompting a harder look at these offerings and driving a need for growth and expansion in the market.
|Growing demand for quality information
Employers and their benefits consultants continue to pursue efforts to improve outcomes, quality, cost and the overall health care experience for employees. This effort has been further accelerated by the new pricing transparency regulations that went into effect early next year. Implementing provider cost and quality tools is now a must-have, with an emphasis on helping employees identify and seek care from high-quality providers.
This is indicative of a larger trend toward prioritizing solutions that combine quality and cost data. Standalone pricing transparency tools no longer provide enough data for employees and their families to make informed decisions about their health care. Steering them toward high-quality, high-value providers is critical to both improve outcomes and manage costs, as well as address social determinants of health by increasing access to high-quality health care services. Employees need the full spectrum of information combined with personalized support to take the next steps and get the care they need.
|Impact on benefits industry
As a result of this increased demand for cost and quality information, a number of solution providers are working to meet this need by creating new resources as well as incorporating quality data into existing transparency tools. This includes expanding data access and utilization.
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