The Importance of Price Transparency in Healthcare
Effective 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 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 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.
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, 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 differ in thousands of dollars in hospitals that are in the same locality. The price of insurance for a patient may have little relation with what a hospital charges This is how many people find themselves with insufficient funds yet they thought the amount will get covered by the insurance company
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
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 However there is some progress as major health plans have a cost estimator tool for insured patients to find a service that can provide a cost estimate