Boston, MA 05/23/2014 (wallstreetpr) – UnitedHealth Group Inc. (NYSE:UNH) is among the high-profile heath care providers that have agreed to share information about their service charges. However, the move is not unanimous in that some providers are still dragging their feet in signing up with a nonprofit that seeks to shed light on the usually opaque world of health care services costs.
The move, although drawing divergent views from players, may see consumers get access to what they call “reference prices” on the Web so that they can compare costs from different providers in their community. However, owing to the sensitive nature of such information, just a limited amount of details will be shared with consumers on the Internet.
It means that it will not be easy for public to know the exact amount of money that insurers paid to specific hospitals, doctors or health services providers like UnitedHealth Group Inc. (NYSE:UNH).
Huge database
Health Care Cost Institute is a nonprofit entity that is seeking to bring more transparency into the world of health services costs. The institute will collect and make available data that covers about 5 billion medical claims with an estimated spending of $1 trillion.
UnitedHealth Group Inc. (NYSE:UNH) and other players such as Humana Inc (NYSE:HUM) and Aetna Inc (NYSE:AET) will participate in the healthcare cost data sharing program. The three companies were among the original partners that signed up with the nonprofit to reveal their costs details.
The move to publicize health care services costs is seen by analysts as potential growth catalysts for companies that sign up for the program. In the expanded healthcare exchange program, providers to preserve their reputation at all cost and to be transparent is one way to make that happen. Perhaps that explains why UnitedHealth Group Inc. (NYSE:UNH) sees no problem in revealing its charges.
Pursuing growth
UnitedHealth Group Inc. (NYSE:UNH) has been all over the map in recent times as the company hires and expand facilities in anticipation of big demand for its services. The company recently announced EPS of $1.10 in 1Q2014, beating the consensus estimate of $1.09 for the quarter.
