India regulates medical costs through IRDAI
The Indian government reportedly plans to curb the health insurance claims portal under the Ministry of Finance and Insurance Regulatory Authority IRDAI.
The purpose of this move is to address the issue of hospital inflation, particularly for patients with high insurance coverage, as seen in government and IRDAI analysis.
A government and IRDAI analysis found that hospitals inflate treatment costs for patients, particularly those with higher coverage, which has led to an increase in health insurance premiums and lower affordability for some individuals.
The National Health Claim Exchange, which facilitates the exchange of health claim information between stakeholders, is supervised by the Ministry of Financial Services and regulated by the IRDAI. It has been reported Financial Expresscites officials.
Government sources say that “stricken supervision” is expected to help insurers gain collective bargaining power to set treatment rates. Quote Reuters.
Financial Express “The portal will be operationalized more effectively and insurers will provide collective bargaining power to standardize fees for various treatments or procedures.”
Follow Reutersgovernment sources highlighted the need for stricter surveillance to address the issue of overcharge.
Meanwhile, reports from MoneyControl Proposed Continuing discussions between the General Insurance Council and IRDAI with the Central Government to establish an independent regulatory body for the healthcare sector.
“India to regulate healthcare costs through IRDAI” was originally created and published by Life Insurance Internationala brand owned by GlobalData.
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