Price Transparency Is Essential To Fixing The U.S. Healthcare System

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Should a blood test cost someone more than ten dollars? What about more than $10,000? Sarah Kliff from Vox helps to expose this threatening issue concerning American health care.

In California, lipid panels cost between $10 and $10,000. Why is there so much variation? A recent study conducted by the University of California, San Francisco, shows the varying price data. “It shows how big the variation really is. We’re not talking twofold or threefold differences, it’s a completely different level of magnitude.” The research took data from approximately 100 hospitals, comparing how much each charged for blood work. The results showed massive variations.

Blood tests are not the only source of variation. The study also found “that hospitals in the state would charge anywhere between $1,529 and $186,955. This has become a real issue throughout the US healthcare industry. In order to rectify this massive inconsistency, price transparency is a must.  If these numbers were open to more scrutiny, prices would most certainly come in line with the market.  The healthcare industry must also be flexible in order to adopt consistent billing and payments across all areas. “There’s no other industry where you see this kind of extreme variation.”

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