Medq.site Facility | Most Expensive Hospitals In The World – What would it be if you had to guess the priciest hospital in the country? The Mayo Clinic? Sloan Kettering? Some renowned urban institutions highly ranked by U.S. News & World Report?
Nope, nope, and nope. You’ve probably never heard of the facility unless it’s your nearest emergency room. The same goes for most of the 50 hospitals deemed the most expensive by a new study from Johns Hopkins Bloomberg School of Public Health and Washington and Lee University.
Researchers analyzed hospitals‘ public financial reports from 2012, the most recent year available. Then, they compared the amount that hospitals charged patients to what the government considers the actual cost of providing care.
Why? “Because they can,” says study coauthor Gerard Anderson, Ph.D., director of the Center for Hospital Finance and Management at Johns Hopkins.
It’s nearly impossible to price shop for health care, so hospitals can charge whatever they want, says study coauthor Ge Bai, Ph.D., an accounting professor at Washington and Lee. (Except in Maryland and West Virginia, where the states regulate hospital pricing.)
Of course, if you have health insurance, you usually won’t have to pay the total price for your hospital stay. Especially if you’re covered by Medicare or Medicaid, in which case the markups typically won’t affect you at all.
If you have private health insurance, your insurance company will negotiate lower prices with in-network hospitals (and cover part of your treatment). But even so, the sky-high costs may trickle down to you by making insurance coverage more expensive to purchase.
And if you go to an out-of-network hospital, you may have to pay most of the marked-up price.
The only thing you can do to avoid getting overcharged: Make sure your hospital is in your insurance company’s network before every visit, Bai says. You may have to call your insurance company or the hospital to find out.
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If you have a choice of multiple local E.R.s, take the time to find out which ones are in-network—but in a true emergency, go to the nearest one. Your life is worth more than a few hundred bucks.
And now, the list of the 7 Most Expensive Hospitals In The World is complete…