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 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. When there is price transparency, there will delivery of quality services. The cost of care can be reduced by providing sufficient information regarding pricing. There has been a push for improvement on price transparency for many years 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 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 is tough for a provider to come up with accurate cost of a service before knowing 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 It is not uncommon for hospital to charge more than what is provided by insurance companies. 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 comes as no surprise that there are physicians who don’t know the standard cost of the services they provide
Plus, it can get complicated if the patients don’t even know the structure of their insurance cover 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 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