How to Improve 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 Patients are willing to pay if they know how much is needed upfront This helps in reduction of the amount of care that remains uncompensated The goal of every healthcare facility should be to inform patients how much they owe and when the amount is due for collection This will help patients make an informed decision when choosing healthcare providers.
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 High cost of care is usually blamed on the scarcity of information regarding price There has been a push for improvement on price transparency for many years When patients go for in-patient treatment, most of the times they have no idea what they are expected to pay Transparency will enable consumers to know which healthcare system to choose and give physicians an opportunity to make cost conscious decisions
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 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
If providers don’t know the standard price of treatment, it can be difficult to come up with an accurate figure. Prices are known to vary up to thousands of dollars in hospitals that are in the same neighborhood It is not uncommon for hospital to charge more than what is provided by insurance companies. 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.
Plus, it can get complicated if the patients don’t even know the structure of their insurance cover 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. 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