Lessons Learned About Services

How to Improve Price Transparency in the Healthcare System

Effective programs and service delivery is possible through price transparency It is the only way to improve patients experience when they seek treatment in healthcare facilities. When patients know wh at amount to pay upfront, they will be more than willing to pay. 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.

Most insurance providers and healthcare facilities are striving hard to improve price transparency in services delivered Transparency increases the rate of success in providing quality services Scarcity of information on pricing results in cost of care There has been a push for improvement on price transparency for many years When patients go for in-patient treatment, most of the times they have no idea what they are expected to pay Price transparency gives patients an opportunity to compare healthcare systems and choose the best and enable healthcare providers to make cost conscious decisions

The healthcare system is considered to be dysfunctional when patients cannot compare prices with other service providers There are changes that can be seen especially with the pressure mounted on providers, insurers and drug makers to provide pricing and better drugs The cost of healthcare is higher than the rate of inflation rising the need for patients to shop for healthcare services There are alternative payment methods that require providers to get information from doctors on what the cost of ordering certain tests

If providers don’t know the standard price of treatment, it can be difficult to come up with an accurate figure. 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 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 is not surprising to know that at times physicians don’t even know the price of services they provide

In addition, it gets complicated when the patients don’t even know the amount covered by the insurance companies. The estimates tend to vary greatly if a patient goes for treatment and another underlying condition is discovered Proper coordination between health planners and providers is necessary in getting estimate of the price. Major healthcare plan use a cost estimator tool to give patients a cost estimate.

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