Decoding Healthcare Costs: How Hi Neo is Bringing Transparency to Benefits

In a recent episode of Healthcare on the Rocks, Hi Neo's founder and CEO Tanya Tohill Farber shared compelling insights about bringing transparency to healthcare costs and its critical impact on patient access and employer benefits.

With 38% of adults delaying care due to costs and widespread confusion about insurance coverage, the need for innovative solutions has never been more pressing. ‍

Below, you'll find highlights and takeaways from their conversation. Ready to listen to the full episode? Click here.

The Hidden Impact Of Healthcare Cost Confusion

Recent insights from Hi Neo reveal concerning trends:

• 80% of people don't remember which insurance plan they signed up for
• Surprise medical bills often cause panic and delayed care
• 38% of adults now delay care due to costs
• There's massive price variation for common procedures within the same geographic area
• Most people don't understand how their deductible, co-insurance, and out-of-pocket maximums work together

Redefining Healthcare Cost Navigation for the Modern Workplace

Hi Neo is revolutionizing healthcare cost transparency through a comprehensive solution that combines:

• User-friendly search that doesn't require medical coding knowledge
• Real-time personalized estimates based on individual insurance plans
• Visual tools including body part selection for easy navigation
• Transparent pricing information with insurance plan context
• "Coach" functionality that provides timely reminders about coverage milestones

"We want to leave the world in a better place," explains Farber. "Healthcare is scary and most people don't understand healthcare, so we tried to gamify it a little and give bite-sized information."

Why Employers Should Prioritize Cost Transparency Benefits

The business case for implementing advanced healthcare transparency benefits is compelling:

• Cost Impact: When employees understand their coverage, they make better care decisions
• Employee Experience: Fear of costs leads to delayed care and reduced productivity
• Treatment Adherence: Understanding coverage leads to better healthcare utilization
• Provider Selection: Tools help identify higher-value providers with better outcomes and lower costs
• Quality of Life: Employees gain peace of mind about their healthcare expenses

Breaking Down Barriers: How Hi Neo Takes Action

Hi Neo offers multiple ways to support both employers and employees:

• User-Centered Design: Building from a consumer perspective rather than traditional B2B approach
• Cost Transparency: Clear breakdown of actual costs versus billed amounts
• Customized Incentives: Employers can incentivize employees to choose higher-value providers
• Personalized Tracking: Real-time updates on deductible and out-of-pocket progress
• Upcoming RX Transparency: Soon expanding to prescription cost comparisons and discount options

The Path Forward

As healthcare continues to evolve with price transparency mandates, addressing cost confusion becomes increasingly critical.

By partnering with solutions like Hi Neo, employers can take meaningful steps toward:

• Reducing healthcare costs without compromising quality
• Improving employee understanding of their benefits
• Preventing care delays due to cost concerns
• Supporting comprehensive healthcare decision-making
• Leveraging transparency as a strategic advantage in employee benefits

The future of healthcare transparency looks promising, with Hi Neo leading the charge in making high-quality care more accessible and understandable for employers and their employees alike.

To learn more about Hi Neo's solutions for employers and health plans, hineo.com‍