Thank you for Subscribing to Healthcare Business Review Weekly Brief
Fremont, CA: Solv, an app that provides on-demand everyday healthcare, launched its ClearPrice initiative to address the industry's lack of healthcare price transparency. The initiative publishes cash prices for standard consumer healthcare services such as flu shots, covid tests, x-rays, stitches, and office visits. In addition, Solv collaborates with innovative, convenient care providers across the United States to share accurate, self-pay prices with consumers and make public, transparent prices the norm rather than the exception.
Due to high healthcare costs, nearly one-third of consumers avoid going to the doctor when they are sick. In addition, 50 percent of American consumers are perplexed by healthcare costs and regulations. 44 percent have received an unexpected medical bill, and 60 percent are concerned about receiving one. Meanwhile, more Americans than ever before (both uninsured and those with high-deductible healthcare plans) are opting to self-pay for healthcare to gain cost certainty and control.
According to Solv's research, nearly 40% of consumers searching for care on the Solv app would benefit from self-pay pricing. With the entire industry shifting toward price transparency, providers must follow suit to meet the demands of a digital-first consumer or risk losing patients.
The new Solv ClearPrice feature gives customers a better idea of how much their appointment will cost before booking it. Price transparency eliminates the possibility of unexpected bills and reduces unintended financial consequences. Consumers can also compare local costs to national averages to find the best care. In addition, customers can use the Solv ClearPrice Calculator to see prices for everything from COVID-19 tests to laceration repair (stitches), x-rays, and flu shots in their city and surrounding areas. Solv has published prices for ten of the most common services across more than 40% of US urgent care locations at the time of launch, and new services, prices, and sites will be added over time.