Utah entrepreneur making the most of high healthcare costs
Published on September 10, 2013 at 12:39PM
Randy Cox, is a Utah entrepreneur who is looking to make the most of a situation that has led to an outrage of the American people over the high cost of health care. He is using an online tool that will allow consumers to share billing data and shop for the best deals around on procedures. Cox is the founder and CEO of pricinghealthcare.com. Cox also states that the idea was born out of personal frustration with healthcare costs. He said, “my wife had been taking immune-therapy for years and had a sudden jump in one of her bills of 25%.” He then started looking around for better prices and how local facilities compared head to head. It seemed virtually impossible for him to find the information he was looking for since hospital prices are usually kept confidential. It seems his new business has the potential to bust up the health-care pricing market wide open, saving a lot of people hundreds of thousands on medical bills. Also earlier this year the Obama administration published data that showed what hospitals across the country charge. The results showed a big variation in charges, even in states and cities. However experts have questioned the value of the results due to some potential bias in the testing. But despite all of that pricinghealthcare.com hopes to allow people to research and find a procedure and see which hospital in their area has the best deal for them. The website will show which ones have the lowest cash rate, insurance rate and list prices. The website starts with free access but consumers will eventually be charged an annual fee of $10 to $40.