Price transparency: A look back and ahead
As the healthcare industry becomes increasingly consumer-focused, there is a movement afoot to provide patients with greater price transparency so they can make better decisions about their care and treatment.
In May, the Center for Healthcare Transparency announced its goal of access to reliable cost and quality data for half of all Americans by the end of the decade.
But a recent Kaiser Health News report indicates that just because patients shop around for a medical procedure and secure its price in advance does not mean healthcare organizations won’t charge them more.
This lack of price transparency in healthcare puts the system at risk of “price asymmetry” that drives up prices for consumers due to a lack of actionable information, said Jeffrey W. Jones, a managing director with Huron Healthcare, a Chicago-based consulting group.
Read more: Fierce Health Finance