A Health Care Cost Institute analysis found consumers "shopping" for healthcare services attributed to less than 7 percent of total healthcare spending in 2011, according to Philly Voice.
Here are four things to know:
1. The study also found 43 percent of total healthcare spending in 2011 was on shoppable services, such as non-emergency hip and knee replacements, flu shots, colonoscopies and blood tests.
2. Consumer out-of-pocket spending on shoppable services reached $37.7 billion in 2011. Out-of-pocket spending is comprised of deductibles, co-payments and coinsurance payments for services. Price comparison shopping does not impact co-payments as they are flat fees.
3. Deductibles and coinsurance vary and give consumers an opportunity to save money by shopping for services. Deductibles accounted for almost half of the dollars consumers spent on shoppable services, and 27 percent was linked to coinsurance payments.
4. The study's authors note the healthcare industry's focus on consumerism and price comparison tools may not yield significant savings, and argue the industry should target employers, payers, providers and regulators to reduce spending.
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