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. Patients are willing to pay if they know how much is needed upfront 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. Transparency increases the rate of success in providing quality services 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.
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 When price transparency is not available many patients find themselves in a situation where they have insufficient fund to clear hospital bills.
If consumers know the accurate amount to pay, they can easily choose which healthcare facility to go for treatment. It comes as no surprise that there are physicians who don’t know the standard cost of the 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
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