Certified Revenue Cycle Representative (CRCR) Practice Exam

What is the meaning of 'price transparency' in healthcare?

1. Full disclosure of patient health records

2. Online access to patients' medical history

3. Readily available information on the price of healthcare services

4. A law requiring hospitals to publish all costs

The correct answer is: Readily available information on the price of healthcare services

Price transparency in healthcare refers to the concept of making information about the costs of healthcare services readily available to patients and other stakeholders. It allows consumers to understand the financial implications of receiving care, including what they can expect to pay for specific services, procedures, or treatment options. This transparency is essential for empowering patients to make informed decisions about their healthcare and to compare prices across different providers. This focus on readily available pricing information aims to foster a competitive environment in healthcare, where providers are encouraged to offer prices that are clear and straightforward, thereby potentially lowering costs and improving overall value for patients. Having access to cost information can also help patients plan for expenses and avoid unexpected bills. In contrast, the other options discuss unrelated aspects of healthcare data and privacy. Full disclosure of patient health records and online access to medical history emphasize confidentiality and patient data management rather than pricing. Additionally, while there are laws that encourage price transparency in healthcare, such as those mandating certain disclosures, stating that there is a law requiring hospitals to publish all costs implies an overly broad mandate that may not accurately reflect the varied regulations in place across different jurisdictions.