How to Improve Price Transparency in the Healthcare System
Effective programs and service delivery is possible through price transparency Being transparent about prices improves the experience of patients in the healthcare system 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 These way patients are able to make informed decisions when seeking for services
It is important to note that majority of healthcare facilities and insurance providers are working hard to improve transparency in the services they deliver Delivery of quality services is expected to be a success if there are measures put in place to improve price transparency Scarcity of information on pricing results in cost of care The push for price transparency has been going on for many years now. 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. There are changes that can be seen especially with the pressure mounted on providers, insurers and drug makers to provide pricing and better drugs There is rising demand for patients to shop for healthcare services as healthcare spending is higher than the cost of inflation. Many insurers opt to ask for costs from doctors before doing any tests.
It is tough for a provider to come up with accurate cost of a service before knowing the standard price Prices are known to vary up to thousands of dollars in hospitals that are in the same neighborhood The cost of treatment may not have any relation with the amount offered by the insurance provider 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. There are times that physicians don’t even know the cost of 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 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