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Posts in Price Transparency
Patients and hospitals benefit when hospitals know the actual cost of their services.

By Pamela J. Gallagher

Hospitals and health systems have spent the past decade responding to patient and government demands for increased price transparency, and the demand only continues. While the healthcare industry has made strides in ensuring patients know the cost of their care up-front, consumer expectations are growing to include that hospitals should be able to explain how their costs are determined.

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Technology and price transparency are aligning to disrupt traditional healthcare—for the better

By Pamela J. Gallagher

There is reluctance in the healthcare industry to adopt new price transparency technology. Some healthcare providers are ignoring it all together, saying they’ll wait and see if anything comes of it.

But this technology isn’t “coming.” It’s already here. With the technology in place and demands for increased affordability coming from consumers and legislators alike, this technology is just one little tilt from being mainstream—and I believe that it can change the healthcare industry for the better.

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Will hospital price transparency impact the patient-physician relationship?

By Pamela J. Gallagher

The relationship between physician and patient, has been the foundation of healthcare, built on empathy, honesty, and trust. Will moves toward increased price transparency change this foundational aspect of healthcare?

Patient-physician relationship

While there is wisdom in using pricing information from various hospitals and clinics when shopping services such as MRIs or routine blood tests, the ability to price-compare facilities or major surgeries could potentially disrupt the patient-physician relationship. For some, a difference in cost would be enough to make them go to a different hospital or request a different prescription than the one their doctor recommends. An overemphasis on cost when making care decisions may lead people to question what their doctor says and make it difficult to work together toward their long-term health goals.

Physicians want to provide the best outcomes to those in their care, so it can be particularly frustrating when costs get in the way of the optimal course of treatment. On the other hand, it is increasingly important that doctors understand the costs associated with the recommendations they are making to their patients.

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Charges are irrelevant to the patient’s bottom line

By Pamela J. Gallagher

With increased calls for healthcare pricing transparency from consumers and government entities alike, hospitals’ chargemasters are moving from proprietary information to public knowledge.  However, putting chargemasters under the microscope has not led to the clarity that patients are seeking regarding quality care at a price they can afford. 

Nearly two-thirds of physician respondents in a 2019 NEJM Catalyst survey said that patients do not have enough information to affect the cost of their own healthcare–related decisions, and more than three-quarters of respondents say that assessing the total cost of care is extremely challenging for patients.

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