13 Aug How To Use New Price Transparency Rules As A Competitive Advantage For Your Medical Facility
Under the Hospital Price Transparency Requirements rule, hospitals will have to display payer-specific negotiated charges for at least 300 “shoppable” services, including 70 selected by CMS and 230 by the provider. Hospitals will have to make these “shoppable” services public by January 1, 2021, or face civil monetary penalties.
Consumers are becoming patients, and they want transparent healthcare
Changes are also happening with the way hospitals and healthcare facilities operate patient access, front desk, and admissions in general. Consumers have higher expectations and demand that our facilities are convenient, time-efficient, without long wait-times, and clunky scheduling or payment processes. According to GetApp pre-pandemic research, 31 percent of respondents would be more likely to choose a new service provider if that provider offered online booking options.
Patients demand to be active participants in healthcare decision-making, make independent financial choices in the healthcare marketplace, and expect more transparency than has been typical in the past. Most noticeably, they are fed up with being hit with “surprise” medical bills after the fact, resulting in drawn-out processes between hospitals, other care providers, and insurers over who should pay and how much. Transparent upfront pricing would minimize a great deal of this frustrating complexity.
I have seen significant variation in hospital prices, across hospitals, and even within hospitals, for the same procedure by the same physician. Patients are ready for healthcare shopping to provide significant benefits.
We also have to look at the fact that more than 24% of adults now have a high-deductible health plan, and the number is growing! So price transparency tools are of the highest importance. The patient has the right to know because the charges will most likely go towards their deductible. Diagnostic procedures are necessary, and for example, if we can get an MRI down the road for $600 rather than paying $4,671 at the local hospital, that is progress.
Your healthcare organization needs to get on board with price transparency to survive in this progressive healthcare marketplace.
According to a recent Harvard Caps Harris Poll, 88% of Americans believe that the government should require hospitals and insurers to disclose prices. The study also reveals that even though those who almost uniformly oppose government mandates recognize that price transparency is important to fix serious flaws in our healthcare sector.
Displaying the shoppable service list on your website does not have to be complicated or break your budget. We can help your office save time, money, and a piece of your sanity for far less than the current $300 a day fine. We will also work with your team to keep your list updated!
Price transparency is the future of healthcare, and providers have to close the gap between the level of price transparency and affordability patients desire within the level of openness and options that currently exist. If the providers choose not to adjust, they will lose patients to the ones that actively initiate conversations around out-of-pocket obligation, show care by helping patients find affordable solutions, and display flexibility in response to patients’ needs.
Your shoppable service tool must be made accessible to the public in a format that can be easily interpreted. The information provided can be designed in a simple and affordable format. The biggest challenge will be updating the information as it changes.
The time is now to use price transparency as your competitive advantage and claim your share in a healthcare marketplace. Sunlit Cove Healthcare Consultants can help you review and organize your shoppable service list and keep it competitive, current, and updated. Contact us or give us a call at 727.576.2903 to get started.
Sunlit Cove Healthcare Consultants
We provide management and consulting services to help healthcare businesses run efficiently. Navigating the dynamic and complex revenue cycle management is a challenge for many health plans, health care vendors, and providers. Our consulting services are available to assist with your day-to-day operations and provide expertise in growth and change management. We manage all aspects of your enterprise from the development of the revenue cycle management process to the completion of your business cycle.
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