What is meant by 'Price Transparency' in healthcare?

Price transparency in healthcare refers to the accessibility and clarity of information regarding the prices of healthcare services and procedures. This concept aims to empower patients by making healthcare costs predictable and understandable, allowing them to make informed decisions about their healthcare options.

When patients have access to information about the prices of services, they can compare costs across different providers and make choices that align with their financial capabilities and preferences. This can foster competition among healthcare providers, potentially leading to lower prices and improved service quality over time.

While information availability on provider qualifications, transparency in treatment methodologies, and data on patient outcomes are all important components in the broader context of healthcare quality and patient care, they do not specifically address the core concept of price transparency, which focuses solely on the disclosure of costs associated with healthcare services.