The Need for Price Transparency in the Healthcare System
Effective service delivery is possible through price transparency 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 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. This is why there is a push for price transparency that has been going on for many years When patients go for in-patient treatment, most of the times they have no idea what they are expected to pay 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. Healthcare spending is growing above the rate of inflation and patients are burdened with the rising demand to shop for healthcare services There are payment plans that need healthcare providers to provide a cost before conducting tests
If providers don’t know the standard price of treatment, it can be difficult to come up with an accurate figure. 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 will give patients an opportunity to choose healthcare facilities that they can afford It is not surprising to know that at times physicians don’t even know the price 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 Proper coordination between health planners and providers is necessary in getting estimate of the price. 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