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 Patients are willing to pay if they know how much is needed upfront This will lead to reduction of the amount that remains uncompensated Each healthcare facility needs to inform patients on what the amount owed and the duration needed to make payment. 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 When there is price transparency, there will delivery of quality services. Scarcity of information on pricing results in cost of care 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. 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 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.
If consumers know the accurate amount to pay, they can easily choose which healthcare facility to go for treatment. It comes as no surprise that there are physicians who don’t know the standard cost of the services they provide
Plus, it can get complicated if the patients don’t even know the structure of their insurance cover 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