Introduction to the Paradigm Shift under the Affordable Care Act
The Affordable Care Act (ACA) has been a major driver of the paradigm shift in health care. It has provided unprecedented transparency to the industry, allowing consumers to more easily compare and access healthcare options (Antos & Cram, 2021). Additionally, the ACA has created a new level of competition within the healthcare field, as hospitals have had to compete for clients on quality, cost, and customer service.
The Role of Transparency in Healthcare Pricing
Transparency in pricing is a key component of the ACA and has been a major factor in the paradigm shift in health care. Providers and insurance companies are now required to disclose their prices to clients, which allows them to make more informed decisions. Thus, individuals can compare prices between healthcare providers and decide with reference to the best value for their money (Antos & Cram, 2021; Lee, 2023).
Hospitals must also inform consumers about any hidden fees or other costs associated with a service, making understanding the total cost of care easier. In this context, the increasing transparency in pricing will lead to higher consumer demands for pricing information, as clients will be more likely to ask different care providers for detailed cost information, such as the cost of a procedure or the cost of a certain medication.
The Impact of Accrediting Commissions on Pricing Transparency
Accrediting commissions, such as the Joint Commission, will also likely demand greater transparency in pricing. These commissions are oriented toward evaluating providers on their pricing practices to ensure that hospitals provide quality care at comparably reasonable prices. Still, the demands of accrediting commissions should be weighted differently than the demands of individual consumers (Furlow, 2019). Different commissions usually assess providers on a larger scale and demand changes in practices that are necessary for the entire healthcare industry. On the other hand, individual consumers focus on changes in pricing for services that are more directly related to their needs.
References
Antos, J., & Cram, P. (2021). Making hospital price transparency work for health care consumers. JAMA Health Forum, 2(4), e210301-e210301.
Furlow, B. (2019). Skepticism about new US Government hospital pricing transparency rule. The Lancet Oncology, 20(2), 188-197.
Lee, R. H. (2023). Economics for healthcare managers (5th ed.). Health Administration Press.