The Importance of Price Transparency in Healthcare
Price transparency is important in making effective programs and in service delivery It is the only way to improve patients experience when they seek treatment in healthcare facilities. 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. Patients need to be well informed on the amount to pay and by what time These way patients are able to make informed decisions when seeking for services
It is important to note that majority of healthcare facilities and insurance providers are working hard to improve transparency in the services they deliver Transparency increases the rate of success in providing 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 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, things are changing with the pressure being put on insurers, drug makers and healthcare providers to offer a price and deliver 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 Prices differ in thousands of dollars in hospitals that are in the same locality. The cost of treatment may not have any relation with the amount offered by the insurance provider 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 It is not surprising to know that at times physicians don’t even know the price of services they provide
It is even worse when patients don’t have knowledge of how much their insurance cover is providing If a patient goes for treatment and it leads to discovery of another condition, the estimates may differ greatly. This means that there needs to be coordination between health planners and providers to get an estimate on the 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