Ralph Weber, President and CEO of MediBid, is interviewed by David Saltzman of ShiftShapers. Mr. Weber has been in the benefits business since the mid 1990s, serving clients in the US, Canada, and around the globe.
A lack of information in the current healthcare system leads to poor decisions. Static pricing is fixed, as with Medicare. Dynamic pricing changes with market fluctuations. Transparency is essential to market operations, yet more important than price is quality. There is little correlation between price and quality, as more expensive is not always the best choice. Millenials do not accept the status quo, and this shift in attitudes about benefits are changing the system. Dr. Keith Smith of the Surgery Center of Oklahoma lists his prices online and can change them at the touch of a button. Posting prices affects the community, competitors, and other hospitals. New plan designs need to embrace transparency, since it kick-starts the competitive environment.
States are passing initiatives to provide transparency in the healthcare system. Employees can bid and bundle pricing. Differing models will create a different marketplace in the future.
Listen to the entire interview with Ralph Weber at: