MRI is a key diagnostic imaging tool for physicians to provide detailed and accurate scans of the body. But like other healthcare procedures, MRI costs can be significantly higher than what many patients assume. In fact, according to this article, MRI costs may be as much as five times the construction cost of an MRI suite in some cases. What’s driving these dramatic price differences?
The answer is complex. But it’s safe to say that health insurance plays a significant role. For example, some patients may have high-deductible policies that require them to pay a large percentage of the cost before the health insurance kicks in. And even for those with health insurance, there can still be a wide range of prices for the same procedure.
It’s also important to note that not all MRI cost / MRI prices facilities are created equal. In fact, hospitals that disclose their negotiated commercial prices for a brain MRI exam tend to be larger, nonprofit, system-affiliated, teaching institutions and located in more urban, affluent areas than nondisclosing hospitals. They also tend to have a lower charge markup, treat more Medicare beneficiaries and employ more clinicians in the MRI department.
For this reason, it’s important for hospital project teams to carefully consider the location and size of their MRI suites when developing their capital projects budgets. Having the right MRI suite in the right location can help reduce both project and operational costs, and improve patient experience.
Lastly, it’s worth noting that the type of MRI scanner being used can also affect cost. For instance, an open-body scanner will be less expensive than a closed-chest scan. Additionally, if the MRI scan will include sedation, that will increase pharmaceutical expenses.
Ultimately, the biggest factor in determining the cost of an MRI is whether or not the patient has insurance. Patients without insurance or with high-deductible plans may face thousands of dollars in up-front costs for a procedure that is medically necessary. To mitigate these out-of-pocket expenses, patients should explore options like health savings accounts and flexible spending accounts to help them save money.
Finally, it’s also a good idea to ask your healthcare provider to recommend or schedule an MRI at a facility that’s the most affordable for you. In many cases, healthcare providers do this automatically, but it’s always important to make sure you’re not being sent somewhere that will be more expensive than necessary. This will help you stay on track with your health goals and keep your budget in check.