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 Patients need to be well informed on the amount to pay and by what time These way patients are able to make informed decisions when seeking for services
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. 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.
The healthcare system is considered to be dysfunctional when patients cannot compare prices with other service providers 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. 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 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 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.