Americans Receive A Failing Grade When It Comes to Their Medical IQ | Be Korea-savvy

Americans Receive A Failing Grade When It Comes to Their Medical IQ


Over 60 percent of patients don’t know basic information about their doctor (image: Kobizmedia/ Korea Bizwire)

Over 60 percent of patients don’t know basic information about their doctor (image: Kobizmedia/ Korea Bizwire)

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LYNDHURST, N.J. June 26, 2014 (Korea Bizwire)–Our health is personal. But when it comes to navigating the system that  cares for us, many Americans aren’t making the grade. A new survey from  the Vitals Index reveals that while two-thirds of people perceive  themselves to be a savvy health care consumer, many don’t know how to  find quality care at a good value. 

In fact, more than 60 percent of respondents didn’t know basic quality  information about their doctor, such as which medical school s/he  attended. Younger consumers were the least likely to know which school  their doctor attended, and over 10 percent of consumers said they didn’t  care. 

Besides not heeding quality indicators regarding providers, consumers  were also blind to cost-savings for their care. Just one-third said they  negotiate bills with a doctor or hospital. Similarly, only 1 in 3 know  the cost of a medical service or procedure before receiving care. Women  (39%) were more likely than men (29%) to know the upfront cost of a  procedure or doctor visit. 

“At a time when the price of care can vary by thousands of dollars from  clinic to clinic and high-deductibles are more common, consumers need to  know how to compare prices before they go see a doctor,” said Mitch  Rothschild, CEO of Vitals. “No shopper would buy a TV without knowing  how good it is and how much it costs. We should buy health care with  that same level of transparency.” 

But at a time when health insurance is mandated for all under the  Affordable Care Act, the survey revealed that common terms related to  covered care are not understood. Less than half of the respondents could  accurately define the terms co-insurance or formulary. Only 66 percent  could define the term deductible. 

              
SCORE (in %)           TERM 
87           Out of pocket maximum 
82           Co-pay 
66           Deductible 
51           FSA 
47           Formulary 
23           Co-insurance 
AVERAGE 59 = F 
  

Studies in the past have shown that patients who are engaged and know  more about their health care have lower costs and better health  outcomes. The Vitals Index survey found a direct correlation between  health care savvy and household income. Households with incomes under  $50K were the least likely to know a doctor’s background or understand  insurance terms. They were also 50 percent less likely to negotiate  medical bills compared to higher-income households. 

“The people who could benefit the most from the system simply don’t know  how to navigate it,” said Rothschild. “That’s not only a matter of  financial well-being, but of personal well-being. It’s clear that better  education and access to meaningful transparency tools is necessary at  all levels to improve the health and wealth of Americans.” 

One bright spot is that about 80 percent of consumers do regularly ask  for generic equivalents of their prescriptions to save money.  Sixty-seven percent of people know retail clinics offer flu shots  cheaper then most doctor offices or hospitals. 

About Vitals 

Vitals is reinventing the way people chose doctors and medical  facilities. We provide increased transparency to cost, quality and  access information to support effective decision making. Vitals brings  together actionable data, online tools and an engaging consumer  experience that empowers consumers to make more informed, higher-quality  and lower-cost health care decisions. Through health plans, hospitals  and our leading consumer websites, Vitals helps more than 150 million  people each year access information for better, more affordable  care. The Vitals Index is an ongoing report about the state of  doctor-patient relationships based on proprietary data and surveys.

Source: Vitals (via BusinessWire)

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