If you were not already aware, after a thorough investigation by the CMA (Competition And Markets Authority), consultants treating self pay patients are now legally obliged to publish their private healthcare fees and being contacted by the PHIN (Private Healthcare Investigation Network) to do so.
The recent investigation by the CMA seemed to confirm that there was a severe lack of transparency from consultants working and treating patients in the private healthcare sector. Signing up to the transparency movement, will ensure that patients are given clearer information and can make a better informed decision on what they are buying into, what services they will be provided and what those will cost overall.
The new requirements currently relate to self pay practitioners, however the intentions seek to focus on the costs that come with private medical insurance. The PHIN want full transparency for the sake of self pay patients who are duped by hidden costs and price escalation.
The PHIN are aiming to contact and raise awareness in the private healthcare industry by inviting providers to publish their fees correctly and with full transparency. The PHIN want this to be a smooth operation and will encourage hospitals and private practitioners to have this information available for publishing in April 2019.
The CMA have noted that not only will this be beneficial for patients, but for consultants themselves too. Patients will have a better idea of what they can afford from their private healthcare provider, which allows consultants to have better informed conversations with patients.
This can only be a positive movement for private healthcare and allows patients to feel much more comfortable with moving forward with private healthcare as an option especially if the transparency reveals an affordable option for so many patients who have been on NHS waiting lists for a very long time. Everybody involved will benefit from this full transparency and the obligation is certain to be well receive and a relief to many.