Rick Louie | Source | Managing Director at Hospital Pricing Specialists
Rick Louie
Over 25 years experience with hospital benchmarking and operations improvement, with emphasis on hospital pricing. Co-founded Market Insights in 1993 -- a healthcare informatics firm, including software development and database management. Market Insights transitioned into Health Data Insights, a Medicare Recovery Audit Contractor (“RAC”) contractor for Region D (17 States & 3 Territories), which was sold to HMS in 2011 for $400MM. Prior to Market Insights, worked as a Management Consultant at Deloitte Consulting and American Practice Management (APM). Awarded lifetime MENSA membership. Graduate of Harvard University, with degree in Economics.
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For a service that has many components, such as a surgery, hospitals are reporting all of the individual prices and then leaving it up to the consumers to piece them together to get to a full price. It's like a hamburger restaurant giving you the individual price for lettuce, pickles, tomatoes, meat, buns ... instead of just telling you they charge $3 for a cheeseburger.
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Hospital machine-readable pricing files are a black box. Only with advanced artificial intelligence and machine learning were we able to crack open the black boxes and compare data across hospitals.
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articleHospital Cash Price for Diagnostic Ultrasound 7X Higher in Florida than New JerseyUnder the new hospital price transparency law, effective 1/1/21, every hospital is required to post cash prices for all items and services it provides within a machine readable file on its website.
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Determining hospital costs can be as tough as brain surgeryA federal rule that requires hospitals to place a slew of pricing information on their websites went into effect on Jan. 1. Still, it has limitations.
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Hospital Pricing Specialists
Managing Director