The Importance of Price Transparency in Healthcare
Effective programs and service delivery is possible through price transparency This way the experience of patients in healthcare system will improve greatly Majority of patients will be more than willing to pay as long as they get informed earlier on the amount expexted This helps in reduction of the amount of care that remains uncompensated Each healthcare facility needs to inform patients on what the amount owed and the duration needed to make payment. 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. Transparency increases the rate of success in providing quality services High cost of care is usually blamed on the scarcity of information regarding price 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 Transparency will enable consumers to know which healthcare system to choose and give physicians an opportunity to make cost conscious decisions
The healthcare system is considered to be dysfunctional when patients cannot compare prices with other service providers 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. 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
If providers don’t know the standard price of treatment, it can be difficult to come up with an accurate figure. 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. 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 is not surprising to know that at times physicians don’t even know the price 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 It means there is a lot of coordination needed between providers and the health plan to get an estimate of 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
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