How to Improve Price Transparency in the Healthcare System
Effective programs and service delivery is possible through price transparency Being transparent about prices improves the experience of patients in the healthcare system Majority of patients will be more than willing to pay as long as they get informed earlier on the amount expexted This will get rid of delivery of care without getting compensation. The goal of every healthcare facility should be to inform patients how much they owe and when the amount is due for collection This way patients can decide on what services to seek
There is a lot of effort from insurance companies and healthcare providers to improve price transparency. When there is price transparency, there will delivery of quality services. High cost of care is usually blamed on the scarcity of information regarding price This is why there is a push for price transparency that has been going on for many years Consumers are usually left in the dark about what they are expected to pay after going for in-patient services Price transparency gives patients an opportunity to compare healthcare systems and choose the best and enable healthcare providers to make cost conscious decisions
The health care system cannot be functional if people cannot compare the
pricing with other services as they don’t know the exact value of the purchase However, things are changing with the pressure being put on insurers, drug makers and healthcare providers to offer a price and deliver quality drugs There is rising demand for patients to shop for healthcare services as healthcare spending is higher than the cost of inflation. Many insurers opt to ask for costs from doctors before doing any tests.
It can be hard to know the actual cost without knowledge of the standard price Prices differ in thousands of dollars in hospitals that are in the same locality. The cost of treatment may not have any relation with the amount offered by the insurance provider This is why price transparency is important to avoid running into unwanted cost that could be easily avoided
Price transparency in the healthcare system will enable patients to identify which hospitals they can access based on what they can afford It is not surprising to know that at times physicians don’t even know the price of services they provide
In addition, it gets complicated when the patients don’t even know the amount covered by the insurance companies. The estimates tend to vary greatly if a patient goes for treatment and another underlying condition is discovered It means there is a lot of coordination needed between providers and the health plan to get an estimate of prices Major healthcare plan use a cost estimator tool to give patients a cost estimate.