FAIR Health, a healthcare data analytics and consumer education firm, unveiled a healthcare pricing resource aimed at providing transparency for costs of common procedures and conditions.
Here are six things to know.
1. The resource is called FH Episodes of Care Benchmarks.
2. This product provides benchmark charges and allowed costs, specific to nearly 500 regions nationwide, for procedures associated with defined episodes of care, according to a news release.
3. To determine the benchmarks, FAIR Health said it uses market-level data from privately billed healthcare claims the firm received from insurers and claims administrators.
4. According to the release, these claims are representative of more than 150 million people across the country.
5. Through FH Episodes of Care Benchmarks, users may access benchmarks for more than 40 common procedures and illnesses, such as hip replacement, FAIR Health said. "For each episode, the product identifies the costs of treatment based on the total costs for all procedures and services that compose a patient's beginning-to-end treatment path for a specific condition or procedure," the firm added.
6. Users may also adjust cost estimates based on the specific profile of a patient, according to the release.