Healthcare seems to defy the basic laws of economics. Even though healthcare is a highly demanded product with a large supply, we still continue to see the price rise.
How could this be?
One cost-saving strategy employers are beginning to utilize is Reference Based Pricing (RBP).
And for good reason!
Reference Based Pricing is shared as being a tool that exposes consumers to the true cost of services. Due to the availability of information produced by Reference Based Pricing, RBPs are quickly gaining more traction.
In this episode of Side Affects, Scott McGohan and Anne Marie Singleton discuss Reference Based Pricing, their thoughts on gated strategies, bundled pricing, the real cost of healthcare and much more.
Fully funded plans bear the brunt of a number of fees associated with health care reform. It’s no surprise, then, that a number of businesses are considering or have already switched to self-funding. Scott and Anne Marie look into the considerations employers should take before embracing this strategy.
Remember 2016, when the Cadillac Tax was at the top of employer’s minds? We bring ERISA attorney extraordinaire, Paul Routh, in for his first guest-spot on Side Affects.
Self-funding can save money, but until recently only large employers could handle the added risk. Today, there’s an option for businesses with 50 to 300 employees that combines the savings of self-funding with the protection of full funding. MB President Mike Suttman joins Scott to talk about captive arrangements.
Scott and Anne Marie welcome guest Antonio Ciaccia of the Ohio Pharmacists Association to talk about high prescription drug prices. Ciaccia says a “dysfunctional system” allows a lack of transparency, and that makes it possible for middlemen within the pharmacy supply chain to negotiate high prices in secrecy.