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July 2014

Checking Prices Pays Off

Costs of health care services can vary significantly within a local area. In 2012, Change Healthcare’s Transparency Index found that a diabetes screening could cost anywhere from $51 to $437 in one community—a 755 percent cost difference—HR Magazine reported. Colonoscopies ranged from $786 to $1,819, and Pap smears cost between $131 and $476.

According to a 2012 white paper by business-information provider Thomson Reuters, if prices for 300 common procedures were reduced to their median price nationwide, total employer medical expenses would drop by 3.5 percent, or $36 billion annually, SHRM Online reported.

 

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