How to Improve Price Transparency in the Healthcare System
Effective 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. The goal of every healthcare facility should be to inform patients how much they owe and when the amount is due for collection These way patients are able to make informed decisions when seeking for services
There is a lot of effort from insurance companies and healthcare providers to improve price transparency. When there is price transparency, there will delivery of quality services. 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. 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. 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 The cost of treatment varies in thousands of dollars in healthcare facilities that are in the same neighborhood let alone different countries 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.
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
It is even worse when patients don’t have knowledge of how much their insurance cover is providing 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 Major healthcare plan use a cost estimator tool to give patients a cost estimate.