Should a Good Risk Manager Worry About Cost and Price Transparency in Health Care?

Contemporary Issue Position: Should a Good Risk Manager Worry About Cost and Price Transparency in Health Care?
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Should a Good Risk Manager Worry About Cost and Price Transparency in Health Care?
Transparency is a vital entity in every organization because it helps everyone's expectations be fulfilled. Does lack of transparency birth corruption? We witness unethical practices in hospitals every day. Unfortunately, people are not human anymore because they can monetize everything that comes their way. Out of 10 people, at least 3 have health problems making the health industry one of the most crucial sectors globally. Thus, a risk manager should be concerned about price and costs transparency in health care (CMS, 2021).
Transparency is essential in health care since it enhances the relationship between clinicians, health systems, and patients. There is a massive outcry by clinicians to clarify the hospitals because the cost-price issues affect nurses immensely. As a nurse practitioner, if I do not give my patients a clear picture of their services' cost, there are high chances they will not trust me or the prescriptions. The nurse's objective is to restore happiness to every sick person, and it is only achieved through transparency. I have witnessed several instances whereby a nurse presents a hospital bill to an out-patient. From that point, hell broke loose. The patient was yelling over the counter, "this bill is exaggerated, and I cannot pay it." Out of this gesture, the nurse on attendance feels demotivated and low self-esteem, making it hard to serve other patients positively.
These scenarios affect health practitioners negatively, making them weary and unproductive (Bobbi, 2014). According to AMA (code of medical ethics), clinicians should not illuminate patients about costs or possible medical alternatives. These are some of the filthy medical ethics that every nurse should follow despite their transparency violation. Furthermore, suppose the details of cost and price are not clear to a nurse. In that case, it imposes a communication challenge between them and patients. The federal government has been funding insurance companies and healthcare providers with billions of dollars. Still, they have not provided a single rule to regulate them (health care providers). Without laws, there will be no transparency because it is a business, and everyone is striving to remain competitive. The cost-price problem in the health care system is enormous, and it will ruin the future of clinicians and the health industry at large (Bobbi, 2014). However, transparency can be restored in the health care system; for instance, lawmakers should pass bills that govern the...