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Typically, patients, and their employers, don't know the cost of health care or are given inaccurate estimates. Then come the surprise medical bills and costly overruns of employers' benefits budgets. Here's a look at the health care cost transparency problem and how people are trying to solve it.
In so-called baseball-style arbitration, each side submits a price, and an arbiter chooses one. Both sides are bound by the decision. (Photo: Shutterstock)In most markets, when a buyer and a seller can’t settle on a price, they walk away. Medicine is different.
Doctors and insurance companies often sort out who owes what only after a patient has been treated, especially in emergencies. When they disagree, patients can end up with unexpected bills they can’t pay.
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