The Need for 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 When patients know wh at amount to pay upfront, they will be more than willing to pay. This will get rid of delivery of care without getting compensation. Patients need to be well informed on the amount to pay and by what time This will help patients make an informed decision when choosing healthcare providers.
Most insurance providers and healthcare facilities are striving hard to improve price transparency in services delivered 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 There has been a push for improvement on price transparency for many years Many people are left in the dark when they seek in-patient care as they don’t know how much they will get charged. Healthcare providers can make cost conscious decisions with price transparency and patients can also choose which healthcare facility best suits them.
If patients don’t know the exact vavue of services they cannot compare the pricing with other facilities, this makes the healthcare system dysfunctional. 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. There are alternative payment methods that require providers to get information from doctors on what the cost of ordering certain tests
It can be hard to know the actual cost without knowledge of the standard price The cost of treatment varies in thousands of dollars in healthcare facilities that are in the same neighborhood let alone different countries The price of insurance for a patient may have little relation with what a hospital charges This is why price transparency is important to avoid running into unwanted cost that could be easily avoided
Price transparency will give patients an opportunity to choose healthcare facilities that they can afford There are times that physicians don’t even know the cost of services they provide.
It is even worse when patients don’t have knowledge of how much their insurance cover is providing The charges can change drastically if a patient goes for treatment and another complication arises in the process 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.