Well, it was not a bolt from the blue when the price transparency rule was introduced. Groups of the medical fraternity consisting of doctors, nurses, administrators etc. had been worried about the healthcare system. However, they failed to do something constructive. When the CMS introduced this rule back in 2019, a large number of doctors and volunteers started supporting it.
By 2021, several independent doctors have joined this movement and started supporting the CMS. These doctors are boldly moving forward and supporting the movement.
Supporting the price transparency
Most of the doctors have responded well to the price transparency revolution. They have started urging others to do so. These doctors believe that price transparency is the only way to save the dying healthcare in America. They are of the opinion that transparent and clear pricing would make the healthcare industry sustainable.
Last month, a Youtube video came out with a panel of doctors talking about price transparency. The discussion was all about how they could make their own prices transparent. This panel of doctors also discussed a great deal about how software could be used to make this project a success.
Here at ZeaMed, doctors and the whole team of the medical fraternity are in full support of price transparency. Our CEO & Chief innovation officer, Dr Chandra Bondugula, first took the ZeaPledge to support this revolution. Along with the CEO, the following erudite have also taken the ZeaPledge.
- Xavier Bacerra, who is the Secretary of Health and Human Services
- Dr Herman Williams, the Chief Physician Executive at BDO Healthcare
- Dr Santanu Borah is a Professor of Management at the University of North Alabama, Florence, AL.
It is not only the doctors who are in support of price transparency. Several volunteers, philanthropists, businesses etc. are supporting this mission.
There’s another side of the story!
Well, I have talked a great deal about the positives! Now let’s also flip the coin.
Reports say that many hospitals are still not complying with price transparency. Two-thirds of American hospitals are unambiguously noncompliant. Even an article in the Wall Street Journal stated that hospitals have posted the price of shoppable services with a twist. They have embedded certain codes to block search engines from accessing such data. This code prevents these pages from appearing in the searches. However, there are ways to find the actual price but that makes us travel through different other pages and websites.
Well, many independent doctors want to join this movement to gain popularity. There’s no harm in that because consumers can afford their prices. The cost of certain services done by independent doctors is almost one-tenth as compared to the hospitals’.
As doctors join this movement, it will open options for consumers. This will make consumers confident in choosing their service. Gradually, this practice will lead to a reduction in overall cost. With more options comes more competition and therefore a healthy one!
It is not easy to stand out alone in the crowd
Yes, that’s true. Independent doctors are keen to start their own independent pricing. However, a fear lurks that they might have to pay a cost for it.
Doctors and other members of the medical fraternity work with local hospitals. So if they abruptly start this movement, they might have to face issues. Some doctors have even faced issues while publishing their own price as the hospitals told to take it down.
The doctors also feel that commercial payers can pose a threat. Even they hide their prices and it would be big business trouble if the secret is out.
Notwithstanding these issues, we must go ahead with price transparency. Now that it has become a government rule, hospitals can be fined for not following it. The CMS had already sent warning notices to the hospitals that have yet not complied with the rules. Many non-profit-organisations are coming forward by creating software and applications which can help doctors.
Doctors, who are independently posting their prices must shred off their fears now. They must keep on inspiring other doctors and hospitals to do the same. Doctors must work towards the greater goal of price transparency. An overhaul in American healthcare is needed and price transparency is the key tool.
For more information, check out our website. If you are a doctor, you are free to join ZeaMed and take the pledge for price transparency. It doesn’t matter whatsoever profession you belong to, join us, take the pledge. Be a part of the movement.
#disrupt healthcare price in America