Recent scrutiny of the current methods of healthcare pricing Essay

Healthcare Pricing
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Healthcare Pricing
Recent scrutiny of the current methods of healthcare pricing
The current healthcare pricing methods are under significant scrutiny by various organizations governing the implementation of costs by the facilities. Research by Graber (2017) shows that American taxpayers, patients, and employers spend much more money on hospitals than pharmaceuticals, raising the need to evaluate the root cause and possibly develop potential solutions to address the issue. However, the hospitals and health care providers receive mere scrutiny, considering their high levels of escalating costs. They also have a highly increased number of mergers that have been driving costs higher than expected. On the other hand, they are still scrutinized to pave the way to understanding the pricing methods and their impact on patients since they are directly affected by the high pricing in health care (Graber, 2017). The primary aim of the proposed regulation on healthcare pricing transparency is to encourage consumer-friendly information.
The scrutiny has introduced federal transparency requirements and concepts for standardization, organization, and bundling as crucial aspects for introducing higher competition to enhance stabilization of the prices. The process has also sought to use disruptive changes to give consumers important information relating to pricing (Graber, 2017). Large transparency desires stricter regulations of the services being priced and pricing meeting consumers' expectations, depending on the services required at the hospital and health care provider facility. The scrutiny process also engages transformations of the country’s insurance payment system and formulation to enhance transparency to ensure consumers are price-sensitive and understand the cost for various services (Graber, 2017). At the same time, the standardization through evaluation is significant, in the focusing of suppliers to eventually compete for prices, with consumers having the opportunity to choose from a wide range of services at low prices. Thus, scrutiny is justified because it has a central aim of helping consumers understand health care pricing transparency and introducing competition in the market to pave the way for patients to choose from a wide range of services at low prices.
Preparation of managers for the increased future calls for transparency.
Healthcare managers must have the required credentials to achieve a desirable position in satisfying the calls for pricing transparency in their working environment. The openness is intended to enable patients to make viable decisions for price comparisons before their treatment procedures. Research by Keith (2019) shows that a lack of accurate, complete, and timely data on healthcare costs leads to inefficient operations in healthcare markets. Attaining considerable transparency helps lower healthcare costs and help patients choose high-quality care at relatively low prices. Thus, healthcare managers should engage in various strategies to be ready for increasing future calls for transparency. They should address patient confusion and their healthcare illiteracy by providing resources that equip them with the knowledge to...