You Get What You Pay For?
The philosophy “you get what you pay for” is ingrained in our culture, and people use this logic daily when making buying decisions…This isn’t surprising, especially since this kind of thinking often leads us to the correct conclusion. For example, who can disagree that a $10 hamburger from your favorite restaurant just tastes better than a $2 hamburger from a fast-food joint? Or how about a Tesla? There’s a reason that it can go from 0 to 60 in just under 2 seconds! While our thinking about price and quality may be confirmed regularly, there are also exceptions. Is the $4 bottled water at the airport really that much better than the same brand at a local grocery store?
We may understand that price and quality do not always correlate. However, clever marketers still persuade us to fall for it. In fact, marketing researchers have discovered that when consumers have no other information, they will automatically assume that a higher-priced product is simply better. And when a product is priced too low, consumers often assume it must be inferior. That’s why companies sometimes charge more for a product they usually sell at a lower price, known as “prestige” pricing.
What About Healthcare?
With our health on the line, it’s understandable that we assume higher prices equal better quality. But according to recent studies, there is no distinguishable relationship between the cost and quality of healthcare. For example, medical procedures at a surgical center often cost 45-60% less than in a hospital setting, while their quality scores are often the same or even higher than in many hospitals.
When it comes to healthcare, the price you pay does not necessarily reflect the quality of care you receive. Therefore, savvy healthcare consumers need to consider factors like price and reviews of the facility or provider to find the best option. A helpful tip for savvy healthcare consumers is to check out reputable websites like Healthgrades.com, RateMDs.com, and Vitals.com, which provide patient-verified reviews and can help you find healthcare services that are affordable and of good quality.
At Zion HealthShare, our new Medical Advocacy team can help take the guesswork out of the equation; they are experts in locating high-quality providers at the most affordable prices. For example, the Medical Advocacy team recently assisted a member with scheduling knee surgery (ACL repair). While the market price was $30,000, our team helped locate a provider who charged $17,715, saving the community over $12,000. So while the familiar adage “you get what you pay for” is often true, it can also pay to challenge your assumptions!
As a valued member of Zion HealthShare, we provide a complimentary Medical Advocacy service to assist you in finding reasonably priced medical providers for your upcoming medical needs. Our team of specialists is available to schedule payment arrangements in advance. You may contact them at 888-399-0017 or email email@example.com for assistance.