Inference Health: Transforming Healthcare Pricing Through Transparency

Healthcare costs are the number one cause of bankruptcy in the US. And with healthcare spending continuing to outpace GDP growth every single year, it’s clear that something needs to be done to control healthcare costs.

Daniel Wu, the CEO of Inference Health, believes the answer is price transparency.

“Healthcare is a strange world. Only in healthcare can you buy something without knowing how good it is, and how much it will cost,” says Wu. “Prices for procedures can vary dramatically; a total knee replacement might run you $50,000 at a name-brand hospital, but only $15,000 at another surgical center.”

Wu, a recent Stanford University graduate, explains that the lack of transparency in healthcare costs is preventing consumers from making informed decisions about their care, in addition to exposing them to unaffordable medical bills. “We’ve built this incredibly byzantine healthcare billing ecosystem, with fee schedules, negotiated rates, deductibles and copays, that all translates to consumer confusion,” said Wu.

Inference Health partners with physicians and facilities to offer transparently priced bundles directly to consumers and employers. Through its network and search tools, the platform allows users who need surgery or another expensive medical procedure to shop around for the care that works best for them.

“We help folks who are uninsured or have high-deductible health plans,” says Wu. “Our healthcare marketplace enables these consumers to save significantly, and find high-quality, transparently-priced healthcare bundles.”

Wu has been working on healthcare issues his entire life. In addition to doing research with the National Cancer Institute and Stanford Healthcare, he also published with the Stanford AI Lab.

Wu sees Inference Health as part of a broader trend in healthcare, pointing to recent legislation like the Transparency in Coverage Act and the No Surprises Act, which aim to improve healthcare price transparency. “I want to see a consumer-friendly healthcare system – when you’re worried about getting better, you shouldn’t have to think about the bill,” he said.

But Wu acknowledges this will be an uphill battle. For now, he says, “Our platform will offer everybody access to all of our providers, giving everyone enough information to find the best healthcare for them.”

Learn more: https://inferencehealth.com/