Australia's Federal Government is set to announce a $7 million upgrade to the $24 million Medical Costs Finder (MCF) initiative this morning, where private medical specialists reveal their fees and show consumers their potential out-of-pocket expenses before receiving treatment.
The little-known MCF, launched by the Coalition in 2019, would also lead to stronger obligations for health insurers to provide greater transparency around how much they cover doctor’s fees and let consumers know what kind of value they’re getting from it.
It does already, yet to-date just 70 out of Australia’s 11,000 medical specialists have signed up to the platform - a paltry 0.63% - as doctors are under no obligation to disclose their fees - and this does not apply to general practitioners (GPs).
More collaboration needed
National health lobby group the Australian Medical Association (AMA) says that while it welcomes the news, upgrades to the MCF alone would not fix the systemic issues contributing to increasing costs for services.
“Labor’s commitment to upgrade the MCF website has the potential to improve transparency for consumers on possible out-of-pocket costs, if the changes include relevant information about all factors that contribute to costs,” AMA President Dr Danielle McMullen said.
“This will require close collaboration with the medical profession to ensure the site focuses on key elements of informed financial consent and promoting financial health literacy."
The association says it’s already in talks with Minister for Health and Aged Care Mark Butler and his team about how to achieve this.
“The AMA has long advocated for greater transparency for patients when it comes to medical costs, which is why we have published a detailed Informed Financial Consent guide — a document that empowers patients to discuss costs with their doctor before undergoing medical procedures,” Dr McMullen said.
“The commitment to redevelop the MCF website will require extensive input from the profession, as well as legislative changes.
“It is essential this time is used to get these changes right, and ensure data is accurate. The AMA will work closely with whichever government is in power after the election to improve transparency on medical costs.”
