TALON CEO Mark Galvin responded to the predicted 2022 6.5 percent increase in healthcare costs in America as unsustainable, stating, “The country’s best hope to stop spiraling health care costs is smart technology that responds adroitly and intelligently to the Transparency in Coverage Rule and No Surprises Act.”
PricewaterhouseCoopers’ Health Research Institute projected the 6.5 percent increase for 2022, citing deferred care due to Covid19, as well as growing mental health care issues, as two of the drivers of increased costs.
“While America is predicted to see a big increase in health care costs in 2022,” Galvin said, “it is also the year that the Transparency in Coverage Rule and No Surprises Act will really begin taking effect. These are powerful drivers that carry with them the hope of turning the healthcare system into a true marketplace where real market forces, including competition based on quality and pricing, will operate. We may be able to look forward to stemming the tide of never ending, big yearly increases in health care costs.”
Galvin and his team at TALON (https://talonhealthtech.com/) developed the MyMedicalShopper app that gives healthcare consumers anywhere in the country instant access to the prices of nearly every medical test and procedure from every provider for miles around them. The software can make companies compliant with the requirements of the Transparency in Coverage Rule and No Surprises Act right now–ahead of the deadline of January 1, 2022, when fines can be levied against those companies that do not provide such technology to insured individuals.
Galvin recently authored the lead article on the Transparency in Coverage Rule in the Economic Standard (https://www.prnewswire.com/news-releases/talon-founder-mark-galvin-nets-lead-article-on-transparency-in-coverage-in-economic-standard-301303517.html). His perspectives on Transparency in Coverage have also been featured in Real Clear Health (https://talonhealthtech.com/one-enraging-reason-why-health-care-costs-are-killing-us/).
“This time next year, a woman scheduling a mammogram or a lab test will have to be advised of the costs of the services being rendered to her and agree to them. Otherwise, she need not pay a penny more than her health insurance co-pay or in-network deductible. Period. No more surprises about this or that service “not being covered” and costing an entirely unexpected and eye-popping sum,” Galvin wrote.
“Moreover, in an outstanding example of the beauty of modern technology,” he continued, “the prices of every lab study, every EKG, every MRI and every other test or procedure available in any given area or region will, by law, be made available to consumers via, say, apps on their mobile devices so they can comparison shop and decide where they are most comfortable being tested or treated.”
TALON already provides its software to 5,500 employer groups located in 49 states. The software is an ideal compliance solution for Third Party Administrators, Administrative Services Only providers and insurance carriers.
The company can be contacted through their website (https://talonhealthtech.com/contact-sales/).
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bulletin Track journalist was involved in the writing and production of this article.