Ads for Bedford Ambulatory Surgical Center in Bedford, NH

The most important investment: How to be a savvy healthcare consumer BY NICK VAILAS One simple way to reduce your risk of financial burden is to review all the options for services Health is wealth! Without having good health, not much else matters. Feeling ill or being incapacitated does not allow you to enjoy your favorite activities or the blessings you may have acquired. Worse, medical debt can burden your family’s budget or even bankrupt you. In the United States, health insurance is not enough to ensure you are completely protected. Medical debt is the leading cause of personal financial ruin. Financial stress as a result of illness or injury when you have health insurance is very disturbing. This story of disaster is becoming more common as insurance deductibles rise along with the cost of health insurance. Deductibles for individuals and families can range from $6,000 to $12,000 annually. Employers and employees are paying more for insurance and getting less coverage. Most employees are becoming self-insured except in cases of catastrophic illnesses or injury. Unfortunately, it does not take a catastrophic illness or injury to cause major financial stress or deep debt. However, in New Hampshire, particularly over the past 20 years, there have been healthcare regulatory reforms that have allowed the construction of independent healthcare service facilities throughout Southern New Hampshire. Unlike the rest of New England, New Hampshire’s healthcare landscape offers far greater choices for healthcare services, which can help control costs. These independent, “free-standing” facilities offer great savings and better patient experiences. As patients have more financial “skin in the game,” they have a greater incentive to seek lower-cost, higher-value medical providers for common medical services like MRI, CT, ultrasound, mammograms, blood tests, outpatient surgeries, physical therapy, physician consults, and urgent care. The price difference between medical service providers can be quite dramatic. On an MRI alone, you can save as much as $3,000 to $5,000 by exploring your options. But how can you avoid the high-cost providers? Patients typically will follow the recommendation of their usual medical provider and may unquestioningly step into the highest-cost facility. Typically doctors have no idea about the price of the services they just prescribe. If your medical provider is employed by a hospital system, you will likely be referred to services within that system. Often, hospital systems are a higher-cost option for outpatient services. One simple way to reduce your risk of financial burden is to review all the options for services that accept your insurance plan. Oftentimes, choosing an independent medical provider or ambulatory surgical center (ASC) instead of a hospital-owned facility will save you money. A study in the American Journal of Managed Care of more than two million Blue Cross, Blue Shield patients showed that substantial savings, without reductions in quality for patients, are available to employers and insurers if care is obtained from ASCs or from hospital outpatient departments charging prices at ASC levels. Hospital-owned facilities are often your most expensive alternative because of their wider overhead and broader scope of services. If your medical provider is employed by the hospital, you can ask for a choice of another medical service facility. You have the choice and you should exercise it. Become a conscientious consumer and save hundreds, if not thousands, of dollars. Much like you’d compare prices on any major purchase, from furniture to a vehicle, you can shop your options for healthcare. Medical providers like Bedford Ambulatory Surgical Center (BASC), BASC Imaging, BASC Eye Institute and many others offer great care at a much more affordable price. Through your insurer’s website or NH Health Cost, you can compare the costs of procedures at in-network providers. Before you go to your doctor’s office, do a little research on alternative locations where you can receive care. Be an informed consumer, your doctor or medical provider has no more idea than you do. As policymakers look for solutions to improve access and affordability of healthcare, they must seek solutions that are congruent with free market principles. Regulations should encourage competition, choice, transparency, and some personal responsibility. The biggest consumer of healthcare resources is the government, both state and federal. Employers and employees need to shop. Everyone needs to shop for their healthcare services if they want to encourage more reasonable costs. Only then will there be a market shift away from the higher-cost providers, and prices will come down. We all care about those families and individuals who are most vulnerable to financial calamity due to illness or injury. We can be more responsible stewards of our healthcare spending by shopping and shifting market share to lower-cost providers, which will encourage lower pricing and make healthcare more accessible to all. There is a tremendous social benefit to comparing the costs of your healthcare options. Do not blindly be referred to higher cost centers. Invest wisely in your health. 11 Washington Place, Bedford, NH 03110 • 603-622-3670 • bascnh.com