How to Improve 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. Majority of patients will be more than willing to pay as long as they get informed earlier on the amount expexted This will lead to reduction of the amount that remains uncompensated Each healthcare facility needs to inform patients on what the amount owed and the duration needed to make payment. This will help patients make an informed decision when choosing healthcare providers.
There is a lot of effort from insurance companies and healthcare providers to improve price transparency. 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 Transparency will enable consumers to know which healthcare system to choose and give physicians an opportunity to make cost conscious decisions
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, 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 There are alternative payment methods that require providers to get information from doctors on what the cost of ordering certain tests
It is tough for a provider to come up with accurate cost of a service before knowing the standard price Prices differ in thousands of dollars in hospitals that are in the same locality. It is not uncommon for hospital to charge more than what is provided by insurance companies. 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 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