The Need for Price Transparency in the Healthcare System
Price transparency is important in making effective programs and in service delivery This way the experience of patients in healthcare system will improve greatly When patients know wh at amount to pay upfront, they will be more than willing to pay. This will get rid of delivery of care without getting compensation. Patients need to be well informed on the amount to pay and by what time This way patients can decide on what services to seek
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. Consumers are usually left in the dark about what they are expected to pay after going for in-patient services 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, things are changing with the pressure being put on insurers, drug makers and healthcare providers to offer a price and deliver 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 payment plans that need healthcare providers to provide a cost before conducting 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 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 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
In addition, it gets complicated when the patients don’t even know the amount covered by the insurance companies. The estimates tend to vary greatly if a patient goes for treatment and another underlying condition is discovered Proper coordination between health planners and providers is necessary in getting estimate of the price. Major healthcare plan use a cost estimator tool to give patients a cost estimate.