A market solution to fix the cost of health care

Published: Tuesday, Feb. 25 2014 2:09 p.m. MST

Want to fix the costliness of health care? Let’s try a little transparency, The Wall Street Journal’s Melinda Beck argues.

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Want to fix the costliness of health care? Let’s try a little transparency, The Wall Street Journal’s Melinda Beck argues.

“Unlike other industries, prices for health care can vary dramatically depending on who's paying," Beck wrote on Sunday. “Even doctors are generally clueless about what the tests, drugs and specialists they recommend will cost patients.”

To help ease the burden of cost, Beck suggests patients be told in advance how much a procedure will cost and if better deals are available elsewhere.

“When consumers can compare prices for doctor visits, hospital stays and other services, the theory goes, market competition will help keep them down.”

Read the full story at The Wall Street Journal.

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