The Push For Greater Healthcare Price Transparency Is Important, Could Save Billions

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The medical system is often filled with hidden charges and unclear billing methods. Many are pushing for reforms and laws that will create more transparent pricing.

Making the cost of healthcare more easily accessible could actually in turn lower costs. According to Medical Economics, “a recent analysis from the West Health Policy Center estimates that increasing price transparency in health care could save more than $100 billion over 10 years.”

One reason for the lack of readily accessible information is the fact that most people get their insurance through their employer, creating a barrier that prevents people from seeing how much the medical services they receive cost. Yet, this may change as patients “are being forced to take on more responsibility for the cost of their medical care through higher deductibles, co-payments and coinsurance.”

One physician says, “Our job is to deliver a great experience at the lowest cost possible. We have to be willing to compete on outcomes where the doctors that provide the best experience and best outcomes for patients…and do it in the most cost effective way will attract patients.”

As more transparent pricing becomes widespread in healthcare, it will be important for physicians to inform themselves about the price of their services and incorporate this into discussions with their patients.

Summary By MedicalGroups.com

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