Cost Transparency in Health Care
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Scenario: On behalf of consumers, employers and local purchasers in your market are committed to slowing health care costs by improving visibility on hospital prices. A recent media story revealed that prices in your local market were the highest in the state. You are a member of a private sector consulting service that has been hired to help a hospital address transparency issues. The hospital would like to be more transparent in their cost and fee relationships with providers.
Review the provided scenario. What are the advantages of transparency for both the hospital and the consumer? How might hospital cost transparency improve economic efficiency?
Consider current (last 5 years) regulation and policy to compare hospitals based on their costs. Locate and review literature to support your recommendations.
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Solution Summary
Employers and local purchasers in market are committed to slowing health care costs by improving visibility on hospital prices.This response discusses the advantages of transparency for both the hospital and the consumer. Also, it is analyzed how might hospital cost transparency improve economic efficiency. Literature is reviewed in brief for the same.
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Advantages of Transparency
The transparency in the hospital cost and fee relationship with the service providers would be effective for the customers to choose the best plans for fulfilling the purpose of their healthcare needs as per their financial circumstances. The transparency in the hospital will also enable the customers to make informed decisions about the health coverage and care (Walker, 2015). It is because they will be able to access the information for the price and quality of the available health care services and the providers and to make the decisions accordingly. On the other hand, the transparency improvement in the hospital processes, their costs and fee relationship with providers will also be beneficial for the hospitals in terms of lowering their cost and improving the quality of their services. It will also cause an increase in the competition among the hospitals that will result a decline in the overall cost of the services (Yong, et al, 2010). It is also beneficial for the hospitals to determine the customers' choices and to develop the ...
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