According to the Peter G. Peterson Foundation, the United States has some of the most expensive healthcare in the world, spending around $11,000 per person and 18% of the gross domestic product (GDP) as of 2018—a number up from 5% in 1960. Those numbers are expected to rise to $18,000, or 20% of the GDP, by 2028.
At the same time, the patient portion of healthcare costs is skyrocketing. In 2018 alone, patient financial responsibility jumped by 12% for inpatient, outpatient and emergency care. This happened even as consumers are migrating to lower-cost options. Patients are now the third-largest payer to providers, trailing only behind Medicare and Medicaid.
With patients driving an increasing portion of healthcare expenses, having more insight into the costs, and more specifically, the price of healthcare services can help them make more economic choices. This, in turn, can help providers adjust service line offerings and marketing efforts to improve healthcare business outcomes.