How to Improve Price Transparency in the Healthcare System
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 will get rid of delivery of care without getting compensation. Each healthcare facility needs to inform patients on what the amount owed and the duration needed to make payment. These way patients are able to make informed decisions when seeking for services
Most insurance providers and healthcare facilities are striving hard to improve price transparency in services delivered When there is price transparency, there will delivery of quality services. Scarcity of information on pricing results in cost of care This is why there is a push for price transparency that has been going on for many years 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. Healthcare spending is growing above the rate of inflation and patients are burdened with the rising demand to shop for healthcare services Many insurers opt to ask for costs from doctors before doing any 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. This is how many people find themselves with insufficient funds yet they thought the amount will get covered by the insurance company
Price transparency will give patients an opportunity to choose healthcare facilities that 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 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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