How to Improve Price Transparency in the Healthcare System
Effective programs and service delivery is possible through price transparency This way the experience of patients in healthcare system will improve greatly Majority of patients will be more than willing to pay as long as they get informed earlier on the amount expexted This helps in reduction of the amount of care 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.
There is a lot of effort from insurance companies and healthcare providers to improve price transparency. Delivery of quality services is expected to be a success if there are measures put in place to improve price transparency The cost of care can be reduced by providing sufficient information regarding pricing. The push for price transparency has been going on for many years now. Consumers are usually left in the dark about what they are expected to pay after going for in-patient services Healthcare providers can make cost conscious decisions with price transparency and patients can also choose which healthcare facility best suits them.
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 There are changes that can be seen especially with the pressure mounted on providers, insurers and drug makers to provide pricing and better drugs The cost of healthcare is higher than the rate of inflation rising the need for patients to shop for healthcare services There are alternative payment methods that require providers to get information from doctors on what the cost of ordering certain tests
It is tough for a provider to come up with accurate cost of a service before knowing 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 When price transparency is not available many patients find themselves in a situation where they have insufficient fund to clear hospital bills.
If consumers know the accurate amount to pay, they can easily choose which healthcare facility to go for treatment. 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 This means that there needs to be coordination between health planners and providers to get an estimate on the prices A lot of progress is expected to be made as many healthcare provider use a cost estimator tool to give insured patients a cost estimate