Stuart Figueroa provides some insights in his Incidental Economist article:
To start, price shopping is inconvenient. It requires the consumer to invest time and energy in finding a provider, oftentimes having to navigate provider directories that are inaccurate, incomplete, or outdated. Price shopping is also hampered by the mere fact that health insurance is complicated and consumers have difficulty understanding what is covered and how much it will cost. Even with mandated price transparency, if consumers are unable to understand pricing information, how useful is it?
When taken together, consumers face an uphill battle if they want to shop around for their care. Yet, they will weather all of these challenges and more if the price is right and incentives align with their needs and desires.
The article has some information on Mr. Figueroa’s own personal attempts at price shopping for healthcare.
