HFMA: Healthcare Pricing Transparency a Shared Responsibility
"If you let the market work, it will be just like restaurants," he said of achieving price transparency in healthcare. "You should know what you're getting and how much it's going to cost."
Friend believes the market forces that have already been unleashed are bearing down on the "vested interests" that oppose greater transparency in US healthcare.
"This is coming because the consumers are getting smarter and are starting to demand it," he said, noting individuals have an incentive to become savvier shoppers as they face wider healthcare coverage options that include a range of cost sharing burdens such as deductibles and co-pays.
"It's now finally going to happen," he said. "The entire health system has to change: 25 percent of the economy. With 25 percent of the economy up for grabs, you're going to have tremendous winners and unbelievable losers."
- 'Kafkaesque' Value System Unfairly Penalizes Doctor Pay
- Proton Beam Therapy Poised for Growth in US
- mHealth Tackles Readmissions
- 4 Crucial Tactics for Reining in Healthcare Cost
- How Digital Strategy Shapes Patient Engagement at Boston Children's Hospital
- Some Cancer Hospitals' Quality Data Will Soon Be Public
- CNO Leads $1M Charge for New Scrubs, Uniforms
- How, and Why, to Recruit Male Nurses
- PA Ranks See 'Phenomenal Growth,' Lack of Diversity
- Half of All Primary Care, Internal Medicine Jobs Unfilled in 2013