Cost and Price Transparency in Health Care: A Risk Manager's Perspective
Overview
This essay argues that risk managers and healthcare professionals should prioritize cost and price transparency in healthcare systems. The author contends that transparency improves patient-clinician relationships, reduces unethical practices, and enhances overall service delivery, while identifying current gaps in regulatory oversight and ethical guidelines.
What this essay covers
- Introduction establishing transparency as vital to healthcare organizations and outlining the importance for risk managers
- Discussion of transparency's impact on clinician-patient relationships and professional morale using real-world examples
- Analysis of regulatory failures and ethical code contradictions that impede transparency implementation
- Proposed solutions including legislative action and adoption of best practices like Texas Children Hospital's pricing disclosure model
Preview
Contemporary Issue Position: Should a Good Risk Manager Worry About Cost and Price Transparency in Health Care?
Student's Name
Institution affiliation
Professor
Date
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 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.