Transparent Cash Based System Aims to Lower Cost Of Medical Services
Orthopedic Surgical Services for Uninsured, Small Businesses and Self-funded plans
To take it a step further, the practice chose to list prices for their procedures via their website (www.regencyhealthnyc.com). The goal of this endeavor was to eliminate the insurance, government and hospital intermediaries that drive up the cost of healthcare and instead create a transparent system where individuals and employers are in control of health costs. Many primary care physicians have adopted this model under what is known as “concierge medicine“, however this is one of the first surgical practices to follow this model.
For Immediate Release
Contact: Daniel Goldberg | Gold Medical Communications
February 21, 2014 – Manhattan, NY – With the confusion and uncertainty surrounding the looming implementation of Obamacare and the glitches in the Open Health Insurance Exchange, one medical practice has offered a transparent solution to ease this confusion. Regency Healthcare is now offering cash based orthopedic surgical services at rates substantially lower than hospital and insurance based arrangements. This is made possible by these procedures being performed in a physician owned outpatient surgical practice.
Regency Healthcare, begun by orthopedic surgeon Dr. Robert Haar, uses pricing transparency via its website to offer procedures for those who are currently uninsured or are members of self-funded plans. In an effort to maximize transparency, Regency Healthcare will be listing all prices for surgical services on its website (www.regencyhealthnyc.com) and these prices will reflect the global fee which includes anesthesia and facility fees. This is the first surgical practice in New York City to offer this model and will undoubtedly draw the ire of many local hospitals.
This transparent cash based mentality is what has drawn many from America to seek treatment in India, Thailand and Mexico. American physicians have been hesitant to adopt this model as it allows the free market to dictate the success of this endeavor instead of relying on the arrangements between health services providers and insurers. With this mindset, Regency Healthcare allows patients to not be bound by in network or out of network restrictions and affords patients the ability to cross state lines to seek the best possible treatment, a term it has dubbed, domestic medical tourism.
About Pricing Transparency Model
Despite the efforts among government agencies and patient advocacy groups the cost of healthcare is continuing to rise. Many patients needing to undergo corrective surgical procedures are met with administrative and bureaucratic hurdles that prevent them from getting the care they seek. Regency Healthcare has opted to avoid these hurdles by opting out of all government and commercially based insurance plans and instead offering direct to consumer pricing. Procedures will be priced significantly lower than hospital rates as a result of Regency Healthcare’s diminished overhead and the procedures not requiring overnight stays that incur thousands of dollars in hospital costs. All prices listed on the practice’s website will represent a global fee including anesthesia and facility fees.
The average cost of hospital procedures is sullied with hidden fees and additional costs to the patient. This is often done to ensure what is known as repricing between the insurer and hospital. The average Arthroscopic Knee Procedure in a New York City hospital can range from $10,900 to $40,700 to, not including physicians fees and anesthesia. Regency Healthcare costs will be a single fee of $4,950, all costs included. This allows the uninsured to be able to afford treatment as well as offers a significant cost savings to self funded employers and employees.
About Regency Healthcare
Regency Healthcare is located on Manhattan’s East Side and will be offering a full gamut of surgical procedures ranging from orthopedic surgery of the knee, shoulder, elbow, hand, foot and ankle to spinal procedures. Prices will not vary per patient or insurer but rather stand as one global fee for all patients seeking cash based surgical services. All procedures will be performed as outpatient procedures at Regency Healthcare’s fully accredited surgical facility in Manhattan.
Patients who intend to travel for surgical services will have the benefit of prearranged rates at local hotels as well as car service provided by Regency Healthcare.
Regency Healthcare is located at:
1735 York Avenue
New York, NY