The Need for Price Transparency in the Healthcare System
Price transparency is important in making effective programs and in service delivery It is the only way to improve patients experience when they seek treatment in healthcare facilities. 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. Delivery of quality services is expected to be a success if there are measures put in place to improve price transparency Scarcity of information on pricing results in cost of care The push for price transparency has been going on for many years now. 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, 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 payment plans that need healthcare providers to provide a cost before conducting 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 in the healthcare system will enable patients to identify which hospitals they can access based on what they can afford There are times that physicians don’t even know the cost 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 This means that there needs to be coordination between health planners and providers to get an estimate on the prices Major healthcare plan use a cost estimator tool to give patients a cost estimate.