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Raising Awareness and Asking Questions About Health Care Costs

Pop quiz: When it comes to health care, what's the difference between cost, charge, and payment?

This question opened a recent article I read regarding medical schools teaching new doctors to talk to patients about price. Knowing the nuances between the definitions of cost, charge and payment isn’t something most consumers understand, nor do they really have to. I believe simply raising awareness that there can be a big difference in what you (or your insurance company on your behalf) might pay for health care depending on where you go and treatment options you choose is just as important. Training doctors to understand the potential financial impact of their recommendations and having those conversations with their patients is an important step in the right direction in raising awareness of price transparency.

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