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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. 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 The goal of every healthcare facility should be to inform patients how much they owe and when the amount is due for collection 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 When there is price transparency, there will delivery of quality services. The cost of care can be reduced by providing sufficient information regarding pricing. This is why there is a push for price transparency that has been going on for many years Many people are left in the dark when they seek in-patient care as they don’t know how much they will get charged. Price transparency gives patients an opportunity to compare healthcare systems and choose the best and enable healthcare providers to make cost conscious decisions

The health care system cannot be functional if people cannot compare the
pricing with other services as they don’t know the exact value of the purchase However, things are changing with the pressure being put on insurers, drug makers and healthcare providers to offer a price and deliver 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 The cost of treatment may not have any relation with the amount offered by the insurance provider This is why price transparency is important to avoid running into unwanted cost that could be easily avoided

Price transparency in the healthcare system will enable patients to identify which hospitals they can access based on what they can afford It comes as no surprise that there are physicians who don’t know the standard cost of the 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 This means that there needs to be coordination between health planners and providers to get an estimate on the prices Major healthcare plan use a cost estimator tool to give patients a cost estimate.