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In a recent interview with Managed Healthcare Executive, Matt Parker, Vice President of Product at Kyruus Health, discussed the impact of recent price transparency rules on healthcare efficiency. Parker acknowledges that while price transparency isn’t a silver bullet, it’s a crucial component for informed decision-making. Healthcare, unlike typical consumer behavior, involves necessities rather than choices. However, an evolving trend shows increased member engagement with payers over the last decade, indicating a growing interest in healthcare cost information.

Parker emphasizes the importance of not only releasing data but also building a comprehensive experience and toolkit for individuals unfamiliar with healthcare complexities. He underscores the need to meet people where they are during vulnerable moments. Reflecting on lessons learned, Parker suggests that transparency regulations should go beyond data release, focusing on building engaging tools and experiences to empower individuals in making informed, financially impactful healthcare decisions. The organization’s focus has been on providing guidance and understanding options for individuals navigating complex financial decisions related to their health.

What the interview below.