Healthcare pricing is a convoluted and often misunderstood process, but providers are being driven to illuminate cost. Consumers, and increasingly legislators, are demanding a more transparent approach to pricing.
Here are 10 things to know about price transparency in the healthcare industry ….
6. Last year, a study from the Gary and Mary West Health Policy Center found that increased price transparency could save $100 billion over the next 10 years. The study authors suggested price transparency be increased for not only patients, but physicians and policymakers, as well. The potential savings predicted in the study could be driven by increased utilization of APCDs, requiring EHRs to provide physicians with prices when ordering diagnostic tests and requiring all private payers to provide personalized out-of-pocket price information to patients.