Pricing Analysis of Competitors
With our analytics capabilities, HDA can compare negotiated prices across competitors, whether that be hospitals, insurance payer-plans, or health networks.
To fully get a sense of the competitive landscape, take a look at two largest health networks in the state of Indiana: Indiana University Health and Franciscan Health
IU Health Negotiates Prices More Consistently than Franciscan Health
Using a basic metabolic panel as an example, we can see that IU Health hospitals negotiate their prices consistently in the price range of $45-50. Additionally, the IU Health hospitals are coordinated so that each of them has the same median negotiated price for a basic metabolic panel.
The Franciscan Health hospitals negotiate inconsistent prices with insurance payer-plans, which results in each individual hospital in the network having a different median price.
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The image is static, but live data is available by clicking on the button
The image is static, but live data is available by clicking on the button
The image is static, but live data is available by clicking on the button
The image is static, but live data is available by clicking on the button
This trend can be seen further when looking at the negotiated prices at the individual insurance plan level. Below, we can see how major insurance payers are paying the same negotiated price across the IU Health network, but there are inconsistencies for Franciscan Health. The hospitals that are featured are Franciscan Health Indianapolis and IU Health Frankfort.
The image is static, but live data is available by clicking on the button
The image is static, but live data is available by clicking on the button
Health Network and Location Play a Role in Negotiated Rates
As seen in these two maps, the prices of services can drastically differ across locations. However, it is also important to note that pricing can differ across health networks. In the maps below, the majority of hospitals in the Chicago and Indianapolis regions are members of the Franciscan Health network, while the others are Indiana University Health hospitals.
The image is static, but live data is available by clicking on the button
The image is static, but live data is available by clicking on the button
For a bilateral mammography, the Franciscan Health hospitals and the ones closer to the major cities have lower negotiated prices compared to Indiana University Health. The price discrepancy can be as wide as $716 to $204. For a comprehensive blood panel, however, the high price areas flip, and the same Franciscan hospitals now have higher negotiated prices than IU Health. Here, the price discrepancy can be as wide as $154 to $49.
If you’d like a better sense of what our analytics capabilities make possible, let us know. We’d be happy to discuss which data can provide the most value to you – and how you’d like to see that data presented.