5 Guiding Principles for Healthcare Price Transparency

Yesterday, a task force led by the Healthcare Financial Management Association released a report on improving healthcare price transparency.

The transparency guidelines build on a report HFMA released last fall detailing best practices for provider communication with patients about financial responsibilities. In addition to recommendations for healthcare providers, insurers and consumers, the report includes the following five guiding principles for price transparency.

1. Transparency should empower patients to make meaningful price comparisons before they receive treatment. It should also let other care purchasers and referring clinicians to assess a provider's level of value.

2. Price information should be provided along with information about the value of services, such as quality metrics.

3. Price information should be easy for patients to use and easy to communicate to all stakeholders throughout the healthcare system.

4. Transparency should give patients the information they need to grasp the overall price of their care and what's included in that price.

5. All stakeholders must commit to the cause and actively participate to achieve price transparency. Providers, payers, patients and other care purchasers must work together to define and provide the information needed to make informed choices.

More Articles on Healthcare Price Transparency:
4 Key Recommendations for Improving Healthcare Price Transparency
Four Tips for Improved Pricing Accuracy
Report: 90% of States Failing in Healthcare Price Transparency 


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