Healthcare costs are at an all time high, as is healthcare coverage.In a consistently changing market, due to developments in technology, treatment options and quality of care, the healthcare market is turning to a more consumer centered market. One move taking effect Jan. 1, 2019 is the hospitals, will now be required by law to list the prices of their services by both print and online form. This will allow consumers to compare prices for treatment and procedures. The list price however will not be required to list such information such as insurance coverage and network coverage percentages. Price transparency will allow patients to shop around for the best deal.
- Among other projects Medicare will be starting it will be having a comprehensive review of its strategies for paying for costly new forms of immunotherapy against cancer.
- Medicare is emphasizing the price transparency of hospitals in order to ensure that patients are better educated decision makers when it concerns their care.
- When a patient is concerned about a potential hospitalization and how it will impact out-of-pocket costs, they are advised to consult with their insurer.
“Medicare will require hospitals to post their standard prices online and make electronic medical records more readily available to patients, officials said Tuesday.”