A recent Bentley-Gallup Business in Society Report reveals that only seventeen percent of U.S. adults know the cost of their healthcare products or services before receiving them, indicating a widespread lack of awareness across various demographic groups. The survey, conducted from May 8-15, 2023, included responses from 5,458 U.S. adults via the Gallup Panel.
Despite this lack of awareness, a staggering 95% of respondents believe that healthcare organizations should make these costs more transparent. This sentiment is consistent across all major subgroups of the U.S. adult population.
Moreover, the report highlights a disconnect between the perceived quality of care and its cost. Most Americans do not believe that the cost of their healthcare products and services reflects their quality. Only about three in 10 respondents feel that the cost of their healthcare products and services aligns with their quality, with similar attitudes prevailing across different demographic groups.
These concerns about transparency in healthcare costs come at a time of record healthcare spending in the United States. Federal reports indicate a 4.1% increase in healthcare spending in 2022, reaching $4.5 trillion, or $13,493 per person. Despite this high spending, a record-high percentage of Americans report having to delay medical care due to cost.
The results of the Bentley-Gallup Business in Society Report suggest a growing desire among Americans for clearer information about healthcare costs, especially as prices continue to rise.