The CEO of Bajaj Allianz, Tapan Singhel, has emphasized the importance of having a healthcare regulator and common empanelment for hospitals to ensure pricing transparency in the healthcare sector. He believes that the lack of transparency in medical billing is a significant issue in India, making it difficult for patients to understand the costs of their treatment.
Singhel stated that a healthcare regulator would help to standardize treatment protocols and pricing, ensuring that patients receive quality care at a fair price. He also noted that a common empanelment system for hospitals would enable patients to access a network of hospitals with standardized pricing, making it easier for them to compare costs and make informed decisions.
Currently, patients often face surprise bills and varying costs for the same treatment at different hospitals. This lack of transparency can lead to financial hardship and stress for patients and their families. A common empanelment system would help to eliminate these issues by providing a standardized framework for hospitals to follow.
Furthermore, Singhel highlighted the need for hospitals to disclose their package prices and provide patients with detailed bills, breaking down the costs of treatments, medications, and other services. This would enable patients to make informed decisions about their care and avoid unexpected expenses.
The introduction of a healthcare regulator and common empanelment system would also promote competition among hospitals, driving down costs and improving the overall quality of care. With standardized pricing and transparent billing, patients would be able to choose the best hospital for their needs, based on factors such as quality of care, expertise, and cost.
In addition, Singhel suggested that the government could play a crucial role in promoting pricing transparency in the healthcare sector. He recommended that the government establish a pricing authority to regulate hospital charges and ensure that patients are not overcharged.
Overall, the implementation of a healthcare regulator and common empanelment system for hospitals would be a significant step towards achieving pricing transparency in the healthcare sector. By promoting standardization, competition, and transparency, these measures would help to protect patients from financial hardship and ensure that they receive quality care at a fair price. As Singhel noted, “Pricing transparency is a must in the healthcare sector, and it’s high time we take steps to achieve it.”