Getting tested at a hospital emergency room for 20+ different possible viruses could cost that much, but you shouldn't be presenting to the emergency room for basic testing. That should be handled through your local doctor.
The hospital emergency room is for urgent emergencies. ER doctors are rushing to get things done. Unless you're having severe respiratory distress, you should not rush to the ER for routine Coronavirus testing.
When most people are talking about the test, I think they're talking about the whole process.