A few years ago, Business Insider had published a list of 21 things that had become obsolete in the present era of the 21st century. From phone booths to video rental stores, all these products or services were termed as unnecessary because they were not able to keep up the pace with the ever-changing technology and innovation. Innovation is a critical component for the success of any industry.
How innovation is important to introduce the new payment transparency rules in the medical industry?
Industries, especially the medical industry, asked the right questions and conducted necessary research and development to bring up the best changes possible. From a dial-up connection, we went up to wireless offering. From cumbersome manual payments to electronic payments service.
Staying relevant and focused in this highly competitive, rapidly changing environment such as the healthcare industry requires leaders to look into the crucial matters and answer the relevant questions. So what trends should be addressed? How can the medical industry stay relevant while keeping up with the demand? The rewards received after treating a patient with care are much greater than the financial success received, though- it is our capability to meet the demand of our patients in the best possible manner and with the most transparent payment systems.
Why is transparency in the payment system important?
It is a competition that poses a real threat to the medical industry. Advocates of the consumers understand that cut-throat competition in the medical industry has led to the discipline in healthcare costs. Transparency of the payments will ensure that no hospital is charging outraging fees from the patients and the patients know exactly what they are paying for.
The basic question that arises here is: Will the new payment transparency requirement lower the healthcare cost? Hospital opposition and economic theory suggest that it will reduce the healthcare cost but this concept will vary from market to market. Healthcare is an absolutely strange sector and it usually does not follow the rules of the system.
Innovations to make your payment system more transparent:
Here are the core elements of effective payment transparency that medical practitioners or medical industry could consider in crafting policies that will assist them in staying ahead in empowering their patients:
- Focus payment transparency on the products most preferred by the customers- Focus your price or payment transparency efforts on the products and services that are most preferred by the consumers, such as the diagnostic imaging and prescription drugs.
- Combine the payment data with the quality data- Weigh them with the health outcomes. Present all the payment data in a similar format, in a centralized and the most convenient location- which lets the beneficiaries compare their total estimated out-of-pocket costs to the benefits available to them.
- Medical providers should know the complete price information-The price information or the payment information should be made available to the medical providers and physicians that care for the patients directly but are not familiar with the prices or the quality of the medical services that they deliver to the patients. This will motivate them and let them know the significance of their role in the life of a patient.
- Make available each and everything for the patient-Help them with whatever they need and whatever they ask for- whether a medical counselor, navigator, or technology- so that they can weigh cost, quality, and convenience altogether.
- Shared decision-making- Try that the doctors in your healthcare organization take more shared decision-making as far as treatment options are concerned. This will ensure the best treatment for the patient and you will be able to justify their out-of-pocket expenses.
- Explain the difference between price and quality of service to the patient- Patients will be able to interpret and analyze the payment policies only if they know about the quality of different services offered by the healthcare organization.
Most of the patients perceive high-costs as a direct result of high-quality services. This needs to be eliminated and the benefits of the new payment systems need to be explained to the patients.
There is absolutely no denial of the fact that achieving effective payment, as well as, quality transparency in the healthcare sector is a herculean task. As the advocates of the market emphasize enhanced patient empowerment, they should also bear in mind that a full-fledged solution to the high healthcare payments is not a simple one. One has to go beyond the greater transparency system. Advocates should know the role of the patient in the dynamics of market competition is extremely limited. This enables the organizations to stay ahead and make the patient in their favour by offering world-class quality service with greater payment transparency.