The Need for Price Transparency in the Healthcare System
Effective programs and service delivery is possible through price transparency It is the only way to improve patients experience when they seek treatment in healthcare facilities. Patients are willing to pay if they know how much is needed upfront This will lead to reduction of the amount that remains uncompensated The goal of every healthcare facility should be to inform patients how much they owe and when the amount is due for collection 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. Scarcity of information on pricing results in cost of care This is why there is a push for price transparency that has been going on 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. 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, thing seem to take a turn for the best as providers, insurers and drug makers are making progress in pricing transparency and delivery of quality drugs. The cost of healthcare is higher than the rate of inflation rising the need for patients to shop for healthcare services 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 are known to vary up to thousands of dollars in hospitals that are in the same neighborhood 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 It comes as no surprise that there are physicians who don’t know the standard cost of the services they provide
Plus, it can get complicated if the patients don’t even know the structure of their insurance cover If a patient goes for treatment and it leads to discovery of another condition, the estimates may differ greatly. 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.