How to Improve Price Transparency in the Healthcare System
Effective service delivery is possible through price transparency It is the only way to improve patients experience when they seek treatment in healthcare facilities. When patients know wh at amount to pay upfront, they will be more than willing to pay. This will lead to reduction of the amount that remains uncompensated 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
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. 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. 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. 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
It can be hard to know the actual cost without knowledge of the standard price Prices differ in thousands of dollars in hospitals that are in the same locality. 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.
Price transparency in the healthcare system will enable patients to identify which hospitals they can access based on what they can afford There are times that physicians don’t even know the cost of services they provide.
It is even worse when patients don’t have knowledge of how much their insurance cover is providing If a patient goes for treatment and it leads to discovery of another condition, the estimates may differ greatly. Proper coordination between health planners and providers is necessary in getting estimate of the price. 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