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Price Transparency

In: Other Topics

Submitted By Maricruz
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Price Transparency Has The Time Come??

Price transparency works when all the parties involved in the transaction know the pricing behind the products being bought and sold. In regards to medical field; this would be the pricing of medical services. Historically, there has been a great deal of secrecy that often surrounds pricing. A number of initiatives in the late 20th century attempted to combat this by making information about prices more available. When price transparency is working well it benefits sellers and buyers. It protects the people from unfair or questionable pricing and helping buyers understand how pricing works, and the real value of things they buy. The big question remains, is the medical field ready for this?
Several factors are involved in price transparency beyond the basic disclosure of pricing. This includes knowledge about the availability of a product, as this can influence value, and the location of a product, which can also impact the overall price. Using this system buyers can compare options offered by several sellers, picking the seller with the best price, location and availability. Likewise, sellers can keep up with the market, the can stay aware of the going rate, and see how their competitors are pricing their products.
One of the most challenging things amongst hospitals and most health systems across the Country is proving the information that patients, payers and employers need in order to make educated purchasing decisions. Some hospitals in the United States provide calculators so that patients can estimate an out of pocket cost of any upcoming procedures. Other hospitals offer an all- inclusive service price if patients pay up front. The services included will consist of physician visits, hospital visits, and ancillary prices for more than 250 procedures. University of Utah Health Care post the physicians...

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