3 Ways to Simplify Your Reference-Based Pricing Experience

With reference-based pricing (RBP) from FairPrice, accessing health coverage information no longer requires navigating a labyrinth of documents and phone calls. To find out what medical providers participate in your plan and how much care will cost, all you have to do is reach for your phone or log onto your computer. For, FairPrice is ushering RBP into the digital age by making plan information readily accessible online. Here are two benefits this has.

Access to Coverage Information from Anywhere

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First, bringing coverage information online gives plan participants unprecedented access to coverage information. They can access it from anywhere they have an internet connection and at any time they like. While patients have previously had access to their coverage information, the information hasn’t always been easy to get to.

Many traditional health insurance companies send out thick books or long PDF documents whenever a plan renews. These technically may contain everything participants need to know about their health insurance plan, but many participants never read them. The documents are frequently lengthy and littered with technical jargon. More often than not, they’re simply set aside to be either forgotten or discarded.

In contrast, FairPrice’s online platform gives participants the precise information they need when they need it. Rather than remembering where a document that was sent several months ago is now, participants just need to log onto the platform when they need information. On the platform, participants can see:

  • what providers in the area participate in their plan
  • where providers’ practices are located
  • how providers are rated for the care they offer
  • how much each provider tends to charge compared to the market average

This last piece of information, how much providers charge, often isn’t available through traditional health insurance plans until after a service is provided. Even if participants who have traditional health insurance manage to navigate through the labyrinth of plan documents and phone numbers, they normally still can’t find out what they’ll need to pay for care until after an appointment.

Access to Coverage Information More Quickly

Second, providing coverage information through an online platform lets participants access their coverage information more quickly than they have been able to in the past. FairPrice isn’t the first company to facilitate reference-based pricing plans, and other RBP providers have given patients access to the above-listed information (including cost of care). FairPrice, however, provides much faster access to these details.

The vast majority of RBP providers continue to rely on third-party administrators (TPAs) to help administer coverage plans. When participants have questions about their coverage, they typically call a TPA who then provides the information they want.

Getting all relevant details from a TPA, however, can take a half-hour or more. After navigating a phone tree and waiting on hold, participants talk with someone who’s usually not in their local area. The representative can look up medical providers’ specialties, locations and fees, but each one must be checked individually. Because the representative normally doesn’t live in the area, it may take several tries to find the best provider.

A back-and-forth with someone who isn’t local is always frustrating. It’s only more stressful when you’re sick or have an imminent medical need.

FairPrice takes a different approach by making all of this information readily available online to participants through an online platform. Participants can check a map and list of area providers, and they can see the details they need at a glance. The whole process takes minutes, as participants know exactly what to look for and are familiar with the area.

Bring Your Health Coverage into the Digital Age

A few years ago, medical providers were required by law to transition from paper to electronic files because electronic format is easier to access and share.

It’s time for health coverage providers to follow suit and make their plan details readily available to participants through intuitive online platforms. This is the best way to give participants easy and fast access to the coverage information they need when they most need it. This, also, is precisely what FairPrice does. To learn more about setting up an online-accessible RBP, contact a representative at FairPrice.