06 Apr Simple Price Transparency Solution
Price transparency is here to stay, and with the new administration in place, strict enforcement and penalties are coming.
Xavier Becerra, United States Secretary of Health and Human Services, said:
“The American people are entitled to know what they’re buying, especially if it’s a life-or-death situation. We will do robust enforcement to make sure that price transparency is there for all Americans because for far too long, people have never had an idea of what they’re going to pay if they walk into a hospital.”
Like in every other industry, price transparency allows consumers to shop for the best quality of care and coverage at the lowest possible prices. It is an opportunity for healthcare organizations to look at price transparency as a competitive advantage instead of another regulatory change to follow.
Lori Intravichit, CEO of Sunlit Cove Healthcare added.
Price Transparency does not have to be complicated.
The rule requires hospitals, as defined in the regulations, to, among other things, establish, update, and make public online: (a) a list of their standard charges for items and services in a machine-readable format, and (b) a list of certain shoppable services in a consumer-friendly manner. Don’t overthink it; a simple Microsoft Excel spreadsheet is (a) machine-readable and (b) consumer-friendly. Establishing the file is relatively easy compared to updating the file. Publishing the file online can be as simple as a download button on your hospital’s website.
It will take time to see the data to evaluate your results. In the meantime, you can look at immediate measures like patient engagement, staff and patient satisfaction, utilization rates, and reimbursements received. If your telehealth system has not hit the goals you have set up initially, you have to look to see if the issue is the technology, patient engagement, or implementation.
It is essential to consider how the new rule affects your organization and if your current implementation is working. Noncompliance can result in corrective action and monetary penalties of $300 per day.
According to Birmingham Medical News CMS estimates that the total burden for a Hospital to review and post its Standard Charges for the first year will be 150 hours per hospital, with the annual burden to review and update such charges in subsequent years being 46 hours per hospital.
Sunlit Cove Healthcare team can quickly help you get your pricing file established and organized. More importantly, we will stay with your organization and maintain the updates in order to keep your organization compliant. Contact us or give us a call at (727) 278-3009 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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