1 in 5 Americans have a medical bill in collections [1]
43% of adults in the U.S. are uninsured or underinsured [2, 3]
58% of personal bankruptcies are caused by healthcare costs [4]
What we’re about
The financial system of U.S. healthcare is damaging to many Americans. Over the last several decades, the cost of being treated at a hospital or doctor’s office has risen dramatically. [5, 6] At the same time, the amount of coverage provided by the average health insurance plan has steadily diminished, and patients are paying more for their healthcare needs than ever before. [7, 8]
Healthcare is the only service that people buy without knowing how much it costs. It is a standard practice in the healthcare industry for hospitals, urgent cares, and physician offices to not disclose the costs of their services.
Since costs are hidden, healthcare providers don’t compete on price. Hospitals and medical practices differentiate themselves through better advertising, having more accessible locations, and delivering high-quality, standardized care - but not on price.
The lack of pricing transparency in healthcare has led to costs that are grossly over-inflated. So much so, that the cost of being treated in the U.S. is about twice as expensive as other developed countries. [9]
Over the last several years, insurance companies have passed these increased costs on to the patient. The average premium (monthly bill) for health insurance is at an all time high, and more adults are enrolled in high deductible (high out-of-pocket cost) insurance plans than ever before - 45% of adults in 2018 compared to 25% in 2010. [10, 7]
High costs and diminishing coverage have left many Americans vulnerable. Right now, 1 in 5 adults have a medical bill in collections, 58% of personal bankruptcies are caused by medical debt, and half of adults in the U.S. fear a healthcare related bankruptcy. [1, 4, 11]
We built the Price Tool to deliver pricing transparency to the healthcare industry.
Offering pricing transparency helps patients find affordable options, makes it possible for families to budget for healthcare expenses, and allows people to access the care that they need.
We are a mission-driven company and have a commitment to act in the best interest of patients and improve access to healthcare across the U.S.
Our Mission
Our vision of the future is to help people at the micro-scale and create change at the macro-scale. The ability to price-compare healthcare options helps patients afford and access care, and empowering patients to become informed compels healthcare providers to start competing on price.
To that end, Healthcare Price Tool is incorporated as a Public Benefit Corporation. We were founded with a mission - to improve access to healthcare in the U.S. by offering pricing transparency directly to patients.
Want to help? Sign up for our beta access program, and help us improve access to affordable healthcare!
19.5% of consumers have a credit report containing one or more collections tradelines that originated with a medical provider. Source: Consumer Financial Protection Bureau (2014)
14.7% of adults ages 18-64 are uninsured. Source: CDC - National Center for Health Statistics (2019)
29% of adults ages 19-64 are underinsured. Source: The Commonwealth Fund (2019)
58.5% of bankruptcy filers cited medical debts as a contributor. Source: American Journal of Public Health (2019)
Consumer Price Index for medical care has increased substantially year over year since 1975. Source: U.S. Bureau of Labor Statistics (2020)
Prices for medical care have typically grown faster than inflation since 1998. Source: Peter G. Peterson Foundation, U.S. Bureau of Labor Statistics (2020)
In 2018, 45.8% of people under 65 were enrolled in a high-deductible health insurance plan (HDHP), compared to 25.3% in 2010. Source: CDC - National Center for Health Statistics (2018)
From 2006 to 2016, patient spending on health insurance deductibles rose 176.2%, and spending on coinsurance rose 67.1%. Source: Kaiser Family Foundation (2018)
The U.S. spends approximately twice as much as other high-income countries on medical care, despite similar utilization rates as other high-income countries. Source: Journal of the American Medical Association (2018)
The average annual premiums for single and family health insurance coverage are at an all time high since 1999, and these increases have outpaced inflation. Source: Kaiser Family Foundation Employer Health Benefits Survey (2019)
Half of adults in the U.S. are concerned that a major health event in their household could lead to bankruptcy. Source: Gallup-West Health U.S. Healthcare Study (2020)