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Achieving Transparency in Healthcare
While most agree that price transparency in theory is a good thing, the challenge lies in how to achieve it without confusing patients, delaying care, or increasing burden on healthcare providers. Billing codes, negotiated contracts, and individual-case-basis (ICB) pricing make price transparency complicated…and the list goes on.
Price transparency is also causing providers to feel overburdened. When faced with questions by their patients on how services will impact them financially, many providers don’t know the answers. But due to the shift to value-based payment models, providers need to have a better understanding of such costs so they can pinpoint opportunities for improvement.
Charles Kahn III (Chip)
President & Chief Executive Officer
Federation of American Hospitals
President and Chief Executive Officer
Senior Vice President and Chief Medical Officer
Blue Cross and Blue Shield of Tennessee