Health Law Highlights

Four Ways Price Transparency Will Transform Healthcare

Summary of article from D Magazine, by Dr. Eric Bricker:

The lack of healthcare price transparency presents a significant challenge, particularly for insured individuals with high out-of-pocket costs. The federal government has mandated hospitals to disclose prices, but compliance remains low. Some health insurance companies are now linking out-of-pocket costs with healthcare providers’ price and quality, incentivizing patients to opt for high-value care. Price transparency will enable fair treatment of payers, encourage competition among providers, and could potentially reduce healthcare costs. Improved transparency is also expected to enhance the quality of care, countering the current system that often incentivizes lower quality.