How pricing transparency will improve American healthcare?

Healthcare is the largest component of the American family budget, after housing. About 45 percent of spending by private health insurance accounts for hospital care.

Americans are supposed to spend on healthcare and hospital services completely blindfolded. They receive their bills via mail after days or weeks. And there’s no room for questioning who charges $60 for ibuprofen? 

This paternalistic healthcare system sure is benefiting health insurers and providers but is causing great agony for an ordinary citizen.

The healthcare system requires transparent prices and performance. 

Pricing transparency i.e., disclosing information related to prices, negotiation, and workers will significantly improve the healthcare system, in terms of quality and economy. 

The following are some major ways by which pricing transparency will improve American healthcare:

Pricing transparency will improve the quality of care when consumers are able to decide which provider is giving them the best prices and deals. 

This accountability makes healthcare providers improve their services. For the same or less amount, the consumers will receive better services. 

Pricing transparency will improve productivity

Workers tend to perform better when their profiles with performance percentages are shared within the organization or with the public. 

Administrators tend to train them better because they are now accountable for the services they provide. Pricing transparency also encourages administrators to develop tools and apps to attract customers. This also facilitates citizens.

Pricing Transparency will help reduce operating costs

Iff we assume the same prices being paid, with increased productivity, the power to decide, and better healthcare services, costs lower down considerably. In addition to that, with pricing transparency workers are encouraged to develop budget-friendly plans to use the organization’s resources more effectively. This brings so many things under control.

Price Transparency creates market competition

When the consumer gets to decide, there then is an immense competition of prices. This ultimately creates a scenario where every healthcare provider tends to offer the best possible price. This market competition benefits the consumers and american citizens. 

Compare, Identify, and choose better providers:

Pricing transparency gives power to the consumers to look for the best services for themselves. Just like there are apps and other resources that help the customer go for the best food, housing, and clothing, pricing transparency will do the same. Only those providers who benefit the consumers will thrive. 

To prevent highway robbery!

With the authoritarian healthcare system, healthcare providers charge whatever they want to. Even, people have been charged differently for the same service, sometimes even within the same hospital and by the same physician. This is nothing different than a highway robbery and it goes against all basic rights. Health is one of the basic human rights!

Conclusion:

Pricing transparency for Americans is an ideal way to make the available resources more effectively. Not only for the consumers but also for the state and the healthcare providers.

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